Bessent Says Iran Nearing Economic Breaking Point As China's Oil Runs Dry
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6 Articles
Bessent Says Iran Nearing Economic Breaking Point As China's Oil Runs Dry
Treasury Secretary Scott Bessent announced that Iran will deliver its last shipments of oil to China within two weeks, leaving the country with “nothing left to trade.” Bessent discussed the status of U.S. sanctions and trade talks during an appearance on Fox News’ “Sunday Morning Futures” with host Larry Kudlow. He said approximately 15 million […] Bessent Says Iran Nearing Economic Breaking Point As China’s Oil Runs Dry
Bessent sees his role as making sure that next time Iran ‘sticks to the deal’
by WorldTribune Staff, September 28, 2026 Non-AI Real World News The ultimate goal of the Trump Administration’s intense economic pressure campaign is to force Iran into a position where it must adhere to any future agreement, U.S. Treasury Secretary Scott Bessent said. During an interview on Fox News’s Sunday Morning Futures, Bessent detailed the progress […]
Iran Regime Faces Deepening Oil Export Crisis as New Sales to China Dry Up
Washington warns that Iran may soon exhaust its remaining oil shipments to China, threatening a critical source of foreign currency and intensifying pressure on the regime’s already strained economy. Iran’s regime is facing a growing squeeze on one of its most important sources of foreign currency, as new oil shipments are sharply restricted and previously […]
ECONOMIC STRANGLEHOLD: Bessent Says Iran Could Have “Nothing Left to Trade” Within Two Weeks as U.S. Pressure Mounts
Treasury Secretary Scott Bessent says Iran is approaching a critical economic breaking point, predicting that within approximately two weeks the Islamic Republic will complete its remaining oil deliveries to China and be left with virtually nothing to trade as the Trump administration intensifies its economic blockade and sanctions campaign against Tehran. Bessent said Sunday that only about 15 million barrels of Iranian oil remain aboard ships awaiting delivery, arguing that once those shipments reach China, Tehran will lose one of its final major sources of international trade and revenue. “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 told Fox News’ “Sunday Morning Futures.” “Probably within the next two weeks, they are going to make their final deliveries of oil to China, and then they will have nothing,” Bessent added. “It is an empty set. And I believe that they are feeling the pressure here, and that’s why they want a deal.” Bessent attributed Iran’s worsening economic position to the administration’s broader maximum-pressure campaign, including what the Treasury Department has dubbed Operation Economic Outcast, an effort aimed at isolating Tehran from international banking, trade, transportation and other economic channels. The campaign intensified after the collapse of the U.S.-Iran Memorandum of Understanding earlier this year. The United States subsequently imposed a sweeping maritime blockade aimed at preventing goods and oil from entering or leaving Iranian ports. In his Sunday interview, Bessent offered a broader account of the pressure campaign than he had previously provided, saying it began with the Trump administration’s renewed maximum-pressure policy in the spring of 2025. He pointed to the collapse of Iran’s currency as one measure of the economic damage, saying the rial had been trading at approximately 800,000 to the dollar when the campaign began and had since fallen to roughly 2.4 million. Bessent also said the economic campaign followed six weeks of U.S. military action that inflicted extensive damage on Iran’s armed forces and industrial infrastructure. He claimed Iran had lost its air force and navy, suffered major damage to its missile and drone capabilities, and seen 85% to 90% of its factories destroyed. Those figures were presented by Bessent during the interview and have not been independently confirmed. The Treasury secretary said the military campaign was followed by what President Trump has described as a “wall of steel” — a blockade intended to prevent both exports and imports from reaching Iran. Bessent emphasized that Iran’s dependence on imported gasoline has become particularly damaging despite the country possessing some of the world’s largest energy reserves. He said fuel shortages and gasoline lines are now adding to the economic pressure on the Iranian population and government. The Treasury Department has simultaneously targeted the financial networks that Washington says allow Iran to circumvent sanctions. Bessent said three banks have already been shut down through the campaign and warned foreign institutions that the United States is identifying entities continuing to assist Tehran. He said Washington now has expanded authorities targeting cryptocurrency transactions, airlines, maritime activity and other mechanisms that Iran could use to conduct business outside the traditional banking system. Bessent further claimed that Chinese assistance to Iran has been substantially reduced, disputing suggestions that Beijing continues to provide Tehran with significant military and economic support. The economic pressure comes as Iranian officials seek a new agreement with Washington. Tehran recently proposed reopening the Strait of Hormuz within seven days as part of a broader arrangement that would require U.S. concessions, including easing the blockade, lifting oil sanctions and releasing approximately $12 billion in frozen Iranian assets. Iran has also sought a halt to hostilities as part of the proposal. President Trump rejected the proposal as presented, although both Washington and Tehran have continued to signal that diplomatic negotiations remain possible. Mediators, including Qatar, have been working to facilitate indirect discussions between the two governments. Bessent rejected Iran’s portrayal of reopening the Strait of Hormuz as a major concession, arguing that commercial shipping is already moving through the strategic waterway. “The straits are open,” Bessent insisted. “We’re averaging now 15 to 22 million barrels a day… It was at about 20 [million] pre-conflict.” According to Bessent, the United States has succeeded in preventing Iranian oil exports while allowing substantial quantities of oil from other producers to continue moving through the waterway. The Strait of Hormuz has nevertheless remained a major source of global economic uncertainty throughout the conflict. In peacetime, roughly one-fifth of internationally traded oil and natural gas passes through the narrow waterway, making disruptions there capable of producing significant movements in global energy markets. Shipping through the strait has faced disruptions since early March amid Iranian attacks on vessels and the wider military confrontation. The Trump administration says U.S. forces have maintained a protected shipping route near Oman to allow commercial traffic to continue. Washington is also looking beyond the immediate confrontation with Iran. The United States has reportedly proposed a multibillion-dollar initiative with Arab allies to strengthen alternative energy transportation infrastructure and reduce the region’s dependence on the Strait of Hormuz, including new pipeline capacity that could lessen Iran’s ability to disrupt global oil supplies. Despite President Trump’s rejection of Tehran’s latest proposal, Iranian President Masoud Pezeshkian and Foreign Minister Abbas Araghchi have maintained that Iran remains prepared to negotiate under acceptable conditions. Tehran says it will not negotiate under coercion and wants Washington to fulfill commitments Iran says were included in the failed earlier agreement. Bessent, however, argued that Iran’s renewed interest in negotiations is itself evidence that the economic campaign is succeeding. “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 MOU.” The Treasury secretary said any future agreement would ultimately be President Trump’s decision, while predicting that Iran’s worsening economic condition would make Tehran less able to walk away from another accord. “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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