U.S. Treasury Official: Iran’s Oil Reserves Nearly Depleted as Sanctions Take Effect
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Treasury Secretary Scott Bessent reveals Iran could run out of oil exports within two weeks, a direct result of tough U.S. sanctions, increasing pressure on Tehran to comply with international demands.
U.S. Treasury Secretary Scott Bessent told Fox News that Iran is likely to finish its remaining oil shipments to China within the next two weeks, after which the regime could be left with no oil to trade. This estimate, based on about 15 million barrels of Iranian oil still in transit, highlights the effectiveness of American sanctions and the growing pressure on Tehran to reach a settlement.
Bessent referenced the U.S.-led 'Operation Economic Outcast,' launched last month to expand sanctions on foreign firms and governments that continue to do business with Iran, despite its ongoing defiance. The operation comes after the collapse of a Memorandum of Understanding with Iran in July and the implementation of a comprehensive blockade that restricts vessels from entering or leaving Iranian ports, further isolating the rogue state.
Desperate for relief, Iranian officials have proposed a seven-day cease-fire that would reopen the Strait of Hormuz in exchange for the release of $12 billion in frozen assets and a relaxation of sanctions. President Trump rightly rejected this unacceptable offer, refusing to reward Iran’s hostile actions.
Bessent noted that oil flow through the Strait of Hormuz has been disrupted since early March by Iranian attacks, but emphasized that the U.S. military continues to protect commercial shipping along alternative routes. He concluded by stating that Iran is increasingly isolated on the world stage, and any future agreement will depend solely on the President’s judgment.