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Briefings · Sunday, October 18, 2026 · 💼 5 PM
💼 5 PM · While you worked

Bessent ties lower gas prices to the end of the Iran conflict

Treasury Secretary Scott Bessent told NBC's "Meet the Press" that higher prices reflect an energy shock and that "we will get to the other side of the Iran conflict and those prices will come down," but said the timing would "depend on what happens with the Iran conflict." AAA's national average was about $4.30 a gallon Sunday, compared with about $2.98 when the Iran war began, and inflation reached 3.7% in September.

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How each side sees it

The administration saysBessent called it an energy shock tied to the Iran conflict, said core inflation had fallen for four straight months before September and that food prices are below the Fed's target.
Critics sayOn NBC, moderator Kristen Welker noted gas prices have risen 44% since the war began and inflation was 3% when Trump took office; Sen. Tim Kaine (D-Va.) called the Iran conflict a "war of choice."

Sources

Checked against 3 established news sources:

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Published Sunday, October 18, 2026. Spot an error? Email [email protected]. See our corrections log and standards.

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