The US Department of the Treasury sanctions on Russian oil will be lifted if the Ukrainian crisis is resolved peacefully, which will contribute to a reduction in global energy prices, US Treasury Secretary Scott Bessent said, APA reports citing Fox News.
"And then with the peace deals, I think we could see substantial decreases in the oil price with Venezuela, Iran, and if Russia, Ukraine get settlement, that's a lot more oil that gets unsanctioned by Treasury, that can go into the market. And nothing helps consumers more than lower energy prices," he told Fox News.