U.S. Treasury Secretary Scott Bessent has made a massive statement on global oil markets amid the ongoing West Asia conflict. Bessent says oil prices are already down nearly 10% in May and expects crude prices to cool sharply once the conflict eases. He highlighted that nearly 2,000 ships are currently waiting to leave the Gulf, signaling a huge supply build-up that could soon flood global markets. Bessent also pointed to the UAE’s exit from OPEC as another major factor that may increase oil supply and push prices lower. If crude prices fall rapidly, gasoline and fuel prices globally could also see relief. Will this ease inflation fears and calm global markets? Watch the full breakdown.