Iran's Economy on Brink of Collapse, Treasury Secretary Bessent Warns

Treasury Secretary Scott Bessent stated that Iran's economy is nearing a critical point, predicting that the nation will have "nothing left to trade" in approximately two weeks after completing its final oil deliveries. Bessent characterized the Islamic Republic as increasingly desperate for a deal due to its collapsing economy, exacerbated by the recently implemented "Operation Economic Outcast."

"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.” He elaborated, “Probably within the next two weeks, they are going to make their final deliveries of oil to China, and then they will have nothing. It is an empty set. And I believe that they are feeling the pressure here, and that’s why they want a deal."

Since the Memorandum of Understanding with Iran collapsed in July, the U.S. has imposed a blockade, restricting vessels from entering or leaving the country. Bessent announced Operation Economic Outcast last month, which involved intensified efforts to pressure the regime by targeting foreign entities engaged in business with Iran.

Earlier in the week, Iranian officials proposed a seven-day ceasefire, offering to open the Strait of Hormuz in exchange for the U.S. unfreezing approximately $12 billion in assets, lifting the blockade, and easing sanctions. However, President Trump rejected this proposal, deeming it unacceptable.

Bessent emphasized the current state of oil transit, stating, “The straits are open. We’re averaging now 15 to 22 million barrels a day… It was at about 20 [million] pre-conflict.” While Iran has intermittently disrupted shipping in the Strait of Hormuz, a key route for global oil supplies, since early March, the Trump administration asserts that U.S. military escorts are ensuring passage through a nearby route off the coast of Oman.

"They are isolated from the world," Bessent concluded. "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." He added, "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."