U.S. Treasury Secretary Scott Bessent has called on the World Bank to reconsider its stance on financing upstream oil and gas projects, arguing that the institution should support all affordable and reliable sources of energy. The World Bank recently dropped its 45% climate-finance lending target while maintaining its 2019 policy to halt financing for upstream oil and gas projects. This development could influence oil prices and have political consequences, particularly for U.S. Senate races. Market pricing suggests that participants may view this development as consistent with scenarios supportive of Republican Senate candidates. Key actors, including OPEC and U.S. energy policymakers, remain focal points for any announcements or decisions that could alter current market predictions.
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