Treasury Secretary Scott Bessent (Chip Somodevilla/Getty Images)
Treasury Secretary Scott Bessent on Sunday said Iran’s battered economy could have “nothing” left to trade within two weeks as U.S. sanctions and a blockade choke off Tehran’s remaining oil exports.
“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.
“Probably within the next two weeks, they are going to make their final deliveries of oil to China, and then they will have nothing,” he added. “It is an empty set. And I believe that they are feeling the pressure here, and that’s why they want a deal.”
The Trump administration has intensified its economic campaign against Tehran since a U.S.-Iran memorandum of understanding expired in August amid mutual accusations of violations, maintaining a blockade and targeting foreign companies and entities that continue doing business with the Islamic Republic.
Bessent last month announced Operation Economic Outcast, a sweeping effort to sever Iran’s remaining economic ties to the outside world and increase pressure on the regime.
His comments came as Tehran pushes a seven-day ceasefire proposal that would reopen the Strait of Hormuz in exchange for the U.S. releasing roughly $12 billion in frozen Iranian assets, lifting its naval blockade, and waiving sanctions on Iranian oil sales.
President Donald Trump has rejected the proposal, telling reporters the terms were unacceptable.
Bessent, meanwhile, said oil traffic through the Strait of Hormuz has already rebounded despite sporadic Iranian attacks on shipping.
“The straits are open,” Bessent said. “We’re averaging now 15 to 22 million barrels a day. … It was at about 20 [million] pre-conflict.”
The strategically vital waterway, which carried one-fifth of the world’s traded oil and gas before the war, has faced disruptions since March.
The U.S. military has been escorting commercial vessels through a route near Oman as Washington seeks to keep oil moving.
Bessent said the administration’s economic campaign is intended to ensure Iran faces overwhelming pressure to honor any future agreement with Washington.
“They are isolated from the world,” Bessent said. “They are a pariah state. And my job is to make sure that, when they come with a deal, that they want to stick to it. They did not stick to the [memorandum of understanding].
“Next time, if there is a deal, and that’s at President Trump’s discretion, they will stick to it, because they are on their knees.”
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