Bessent: Iran will have nothing left to trade within two weeks — only 15 million barrels of oil still on the water

U.S. Treasury Secretary Scott Bessent warned on Sunday that Iran’s battered economy will have nothing left to trade within about two weeks, once the final shipments of Iranian oil are completed, as the New York Post reports.

“I am convinced, given that there are only 15 million more barrels of Iranian oil on the water, that Iran will have nothing left to trade for anything,” Bessent told Fox News’ ‘Sunday Morning Futures,’ according to Newsmax. “Probably within the next two weeks, they will make their final oil deliveries to China, and then they will have nothing. It’s an empty shell. And I believe they are feeling the pressure, which is why they want a deal.”

Bessent described Iran’s economic condition as a sign of Tehran’s desperation to reach a deal with Washington, accelerated by Operation ‘Economic Outcast’ — the Trump administration’s aggressive campaign to sever Iran’s remaining economic ties with the outside world, targeting countries and companies that continue doing business with the regime. Since the collapse of the Memorandum of Understanding with Iran in July, the U.S. has enforced a broad naval blockade around the regime, cutting off ships entering and leaving Iranian ports.

Despite sporadic Iranian attacks on ships, Bessent insisted the Strait of Hormuz remains functional. “The straits are open,” he said. “Averaging now from 15 to 22 million barrels a day… Before the conflict it was around 20.” The Trump administration has said the U.S. military is escorting ships through a route near the coast of Oman, as the New York Post reports.

“They are isolated from the world,” Bessent said of the Iranian regime. “They are a pariah state. And my job is to make sure that, when they come with a deal they want to respect, they actually respect it. They did not respect the MOU.” He added: “Next time, if there is a deal — and that is at President Trump’s discretion — they will respect it, because they are on their knees.”

Bessent’s remarks come after President Donald Trump on Saturday rejected the Iranian proposal for a seven-day ceasefire, which would have reopened the Strait of Hormuz in exchange for unlocking about $12 billion in frozen Iranian assets, lifting the blockade and easing sanctions. Trump said Tehran had “overplayed its hand” and expects more talks this week.