WASHINGTON — Treasury Secretary Scott Bessent stated that Iran’s economy may face severe challenges in approximately two weeks as it completes its final oil deliveries. Bessent indicated that the Islamic Republic is under increasing pressure to negotiate due to its declining economic situation, which he attributed to Operation Economic Outcast. He noted, "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 added, "Probably within the next two weeks, they are going to make their final deliveries of oil to China, and then they will have nothing."
Since the collapse of the Memorandum of Understanding with Iran in July, the U.S. has implemented a blockade aimed at restricting trade with the nation. Bessent also mentioned that Iranian President Masoud Pezeshkian expressed willingness to negotiate a deal with the U.S.
Last week, Iranian officials proposed a seven-day ceasefire in exchange for the U.S. unfreezing approximately $12 billion in assets and easing sanctions. However, President Trump rejected this proposal, stating it was not acceptable. Bessent emphasized that the Strait of Hormuz remains open, with current oil flow averaging between 15 to 22 million barrels per day. He remarked, "They are isolated from the world. 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."
Bessent concluded by asserting that if a future deal is reached, it will be at President Trump’s discretion to ensure compliance from Iran.