Washington, March 26 -- US Treasury Secretary Scott Bessent has projected a significant cooling of global inflationary pressures, asserting that energy prices and inflation will be lower once the current conflict in West Asia concludes with what he described as "absolute security".

Speaking during a Cabinet meeting on Thursday, Bessent offered an optimistic outlook on the energy sector despite the ongoing hostilities with Iran. He noted that the oil market is well supplied and pointed to a gradual resumption of maritime activity in the region. "The oil market is well supplied," he said, predicting that more tanker traffic will begin to flow from the Middle East.

Highlighting a shift in maritime logistics, Bessent indicated that movement...