Treasury Secretary Scott Bessent on Wednesday partially attributed rising energy prices to what he described as an "energy shock" driven by the Iran war and Russia's continuing military offensive against Ukraine, now in its fourth year of conflict. Bessent made the remarks during an appearance on Fox & Friends with co-host Brian Kilmeade.
The Biden administration has faced mounting pressure over inflation, particularly at the pump, since energy costs began climbing earlier this year amid escalating tensions in the Middle East and continued disruption to European energy markets caused by the Russia-Ukraine war that began in February 2022.
What the Right Is Saying
Republicans have largely supported Bessent's framing, with several senators echoing concerns about the combined effect of multiple geopolitical conflicts on U.S. energy costs. Senate Minority Leader John Thune said Tuesday that "multiple fronts" are affecting global oil supplies and that "American families shouldn't bear the brunt of wars we didn't start."
Conservative commentators have argued that continued military aid to Ukraine contributes to prolonging a conflict that destabilizes energy markets, though most Republican leaders maintain support for Ukrainian defense against Russian aggression. Senator Tom Cotton has stated that "the best path to energy stability is American energy dominance" and called for expedited permitting for domestic oil and gas production.
The Trump administration has emphasized its commitment to achieving energy independence through expanded domestic drilling, with officials arguing that reduced reliance on foreign energy sources would shield U.S. consumers from global market disruptions.
What the Left Is Saying
Democratic lawmakers have largely resisted placing blame on Ukraine for rising U.S. energy prices. Senate Majority Leader Chuck Schumer said last week that Americans are facing "real pain at the pump" but emphasized that domestic production increases under the current administration have helped mitigate global price shocks more than in previous decades.
Progressive economists have pointed to corporate consolidation in the energy sector as a factor in consumer pricing, arguing that oil company profit margins have expanded significantly even as crude prices moderated. Senator Elizabeth Warren has repeatedly called for stronger antitrust enforcement in the energy industry, saying last month: "We're seeing record profits while families pay more at the pump."
Some Democratic voices have also noted that sanctions on Russian energy exports have contributed to market volatility but argue this was a necessary policy response to Moscow's invasion of Ukraine rather than a cause for which Ukraine itself should bear responsibility.
What the Numbers Show
Global oil prices have risen approximately 15 percent since January, according to Energy Information Administration data. Brent crude traded around $85 per barrel Wednesday, up from roughly $73 a year earlier. U.S. gasoline prices averaged $3.68 per gallon nationally as of Tuesday, according to AAA, compared to $3.14 one year ago.
Russia's invasion of Ukraine in February 2022 initially pushed European natural gas prices to historic highs, though they have since moderated. The conflict has disrupted agricultural exports from both Russia and Ukraine, contributing to food price inflation globally.
The Iran conflict adds further uncertainty to Middle Eastern energy supplies, with analysts noting that any escalation could affect the Strait of Hormuz, through which roughly 20 percent of global oil shipments pass.
U.S. crude production reached a record 13.3 million barrels per day in December 2025, according to EIA data, making America the world's largest oil producer ahead of Saudi Arabia and Russia.
The Bottom Line
The confluence of the Russia-Ukraine war and rising tensions involving Iran has created compounding pressures on global energy markets that translate into higher costs for American consumers. Bessent's comments reflect a broader administration effort to frame recent price increases as products of external geopolitical forces rather than domestic policy choices.
Administration officials are expected to continue emphasizing domestic production achievements while pointing to foreign conflicts as primary drivers of current volatility. Congressional Democrats will likely counter with calls for anti-price-gouging measures or antitrust enforcement against energy companies.
Energy analysts say the trajectory of prices through the fall and winter heating season will depend heavily on whether the Russia-Ukraine conflict sees any de-escalation and whether Iran-related tensions remain contained.