Treasury Secretary Scott Bessent stated that Iran's main oil export terminal at Kharg Island has not loaded any tankers for three days, leading him to predict that the current spike in crude oil prices, which is above $100 a barrel, will reverse quickly. He cited evidence from satellite imagery and noted that Iranian oil storage is full, with production likely to shut down soon. Bessent emphasized that the oil futures curve indicates lower prices expected in the coming months, suggesting the market anticipates a decline in current prices. He also highlighted that the UAE is increasing oil production and the US is at record production levels. However, traders on Polymarket are skeptical of Bessent's predictions, pricing only a 9% chance that traffic through the Strait of Hormuz will return to normal by the end of May. Bessent believes that the Iranian regime is facing internal collapse, which could further impact oil supply dynamics. Despite recent inflation numbers, he expects core inflation to decline once energy prices stabilize, although some market participants foresee continued inflation pressures.