Scott Bessent Is Trying to Run a War and an Economy at the Same Time. It's Getting Complicated.

Treasury Secretary Scott Bessent had a week that would break most cabinet officials into several pieces. Between Sunday morning shows, CNBC hits, and Bloomberg interviews, the former hedge fund manager found himself defending US military strikes on Iran, floating the possibility of releasing oil from the strategic reserves, opining on the Federal Reserve's leadership, and explaining why a Trump-Xi summit might need to be rescheduled — all while gas prices climbed to their highest point since the war in the Gulf began in February.

Start with Iran. The US and Israel launched joint operations against Iranian infrastructure earlier this year, targeting fortifications along the Strait of Hormuz. Bessent went on Meet the Press Sunday and deployed a phrase that will follow him: "Sometimes you have to escalate to de-escalate." The logic, as he presented it, is that destroying Iran's ability to threaten the world's most important oil chokepoint will ultimately stabilize energy markets. The short-term reality is the opposite — gas prices have surged since the conflict began, and Bessent is now in the uncomfortable position of arguing for patience while Americans feel the pinch at the pump.