Bessent Sees Oil as Low as $40 Post-Iran War, Taking Yields Down

Treasury Secretary Scott Bessent expects oil to tumble to around $40–$50 a barrel once the Iran conflict ends — today Brent is trading near $95 and WTI near $91.
He warned the recent oil surge has pushed 10-year US yields to their highest levels since 2023 and said interest rates are now highly correlated with oil prices.
Bessent downplayed Norway’s proposal to trim Treasuries (a potential ~$75B shift), saying the fund is likely reallocating into higher-yield US assets like Fannie Mae/Freddie Mac paper.