WASHINGTON — Iran’s already battered economy could soon be left with “nothing to trade,” Treasury Secretary Scott Bessent said, predicting that the country will complete its remaining oil shipments in roughly two weeks.
Bessent said Iran’s worsening economic crisis, intensified by the administration’s Operation Economic Outcast, is driving Tehran toward negotiations. He warned that the pressure on the Islamic Republic is likely to escalate sharply in the coming weeks.
“I am confident, given that there’s only 15 million more barrels of Iranian oil on the water, that Iran will have nothing left to trade for anything,” Bessent said in an interview on Fox News’ “Sunday Morning Futures.”
Iran is expected to make its last oil deliveries to China within about two weeks, Bessent said. “And then they will have nothing,” he added, describing the country’s remaining economic options as “an empty set” and saying the mounting strain explains Tehran’s push for an agreement.
The United States has maintained a broad blockade around Iran since a memorandum of understanding with Tehran fell apart in July, restricting vessels from entering or departing the conflict-ravaged country.
Bessent unveiled Operation Economic Outcast last month as part of a tougher campaign against Iran. The initiative expands pressure on foreign governments and companies that continue to conduct business with the regime.
DON’T MISS: Sen. John Fetterman Calls Himself a ‘Lifelong Republican’ in Awkward Slip
Last week, senior Iranian officials promoted a proposed seven-day ceasefire. Under their plan, Tehran would reopen the Strait of Hormuz in return for the United States unfreezing about $12 billion in Iranian assets, lifting the blockade and easing sanctions.
President Trump rejected the proposal, telling reporters that its terms were unacceptable.
“The straits are open,” Bessent said, pointing to oil flows that now average between 15 million and 22 million barrels per day. Before the conflict, he said, daily shipments stood at about 20 million barrels.
Since early March, Iranian attacks on vessels have disrupted traffic through the Strait of Hormuz, a critical energy corridor that previously carried nearly one-fifth of the world’s seaborne oil supplies each year.
The Trump administration, however, says the US military is escorting commercial ships along a route near Oman’s coastline.
“They are isolated from the world,” Bessent said, calling Iran “a pariah state.” He added that his responsibility is to ensure Tehran honors any future agreement, noting that Iran failed to uphold the memorandum of understanding.
If President Trump ultimately agrees to another deal, Bessent said, Iran will have a strong incentive to comply. “They will stick to it, because they are on their knees,” he said.
