Bessent says oil prices have fallen, sending a signal of relief ahead of Labor Day

Democratic Congressman Jimmy Panetta stated at a House Ways and Means Committee hearing that President Trump recently claimed the Strait of Hormuz would remain closed until Labor Day, and questioned Besant: "Is this your definition of 'temporary'? Does this mean our gasoline prices will stay high throughout the summer?" Panetta pressed. Besant responded: "I haven't seen the president make such a statement. All the indications I have suggest the strait should reopen sooner." "We've already seen oil prices decline."