U.S. Treasury official says Iran's oil reserves may be exhausted within weeks

U.S. Treasury Secretary Scott Bessent told Fox News that Iran is likely to complete its remaining oil shipments to China within the next two weeks, after which the country could have no oil left to trade. He said the estimate is based on roughly 15 million barrels of Iranian oil still en route and suggested the shortage would heighten Tehran's incentive to reach a deal.

Bessent referenced the U.S. "Operation Economic Outcast," launched last month to expand sanctions on foreign firms and governments that do business with Iran. The operation follows the collapse of a Memorandum of Understanding with Iran in July and a broader blockade that restricts vessels from entering or leaving Iranian ports.

Iranian officials have recently offered a seven-day cease-fire proposal that would reopen the Strait of Hormuz in exchange for the release of about $12 billion in frozen assets and a relaxation of sanctions. The proposal was rejected by President Trump, who said it was unacceptable.

Bessent noted that oil flow through the Strait of Hormuz has been disrupted since early March by Iranian attacks, but the U.S. military continues to escort commercial ships along a nearby route. He added that Iran is isolated internationally and that any future agreement would depend on the President's discretion.