Bessent: Iran to run out of oil to trade in two weeks

US Treasury Secretary Scott Bessent has said Iran’s economy will have “nothing to trade” in about two weeks after it makes its final oil deliveries.

Speaking on Fox News’ “Sunday Morning Futures,” Bessent said, “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 Tehran was feeling the pressure and wanted a deal, according to the New York Post. He added that Iran would make its final oil deliveries to China within two weeks.

The US has enforced a blockade around Iran since the Memorandum of Understanding collapsed in July. Bessent said Operation Economic Outcast, announced last month, has hastened its economic collapse.

Last week, Iranian officials proposed a seven-day ceasefire to reopen the Strait of Hormuz in exchange for about $12 billion in frozen assets, an end to the blockade and eased sanctions. President Trump rejected it as unacceptable.