By The Epoch Times | Created at 2026-09-28 20:37:15 | Updated at 2026-09-28 23:16:26
3 hours ago
Iran’s economy could soon have “nothing left to trade” as the United States continues to increase pressure on Tehran to make a deal, according to U.S. Treasury Secretary Scott Bessent.
In a Sept. 27 interview on Fox News’s “Sunday Morning Futures,” Bessent said that Iran has only about 15 million barrels of oil remaining for delivery. His remarks came after President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz on Sept. 26.
“They will have nothing to trade for anything, 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 said.
The Trump administration launched Operation Economic Outcast on Aug. 24 to remove Iran’s economic lifelines and isolate the Iranian economy.
The operation has included sanctions on Iran and the regime’s network of entities and individuals that help Tehran evade U.S. sanctions.
President Donald Trump also ordered the U.S. military on July 14 to resume a blockade of ships trying to enter or leave Iranian ports. As of Sept. 25, U.S. forces had redirected 122 ships to ensure compliance with the blockade, according to U.S. Central Command.
Elaborating on Iran’s economic position, Bessent said, “It is an empty set. And I believe that they are feeling the pressure here, and that’s why they want a deal.”
During Sunday’s interview, Bessent also addressed Tehran’s proposal for a seven-day plan to restart nuclear talks with the United States and reopen the Strait of Hormuz under certain conditions.
Iranian Foreign Minister Abbas Araghchi said on Sept. 24 that a seven-day plan had been presented to U.S. mediators. However, the plan was contingent upon the United States agreeing to certain conditions, which he said were previously outlined under the June 17 memorandum of understanding.
As part of that agreement, which collapsed in early July, both countries would end the military conflict and negotiate a final peace deal.
The United States agreed to remove its naval blockade of Iranian ports and end sanctions against Tehran. Meanwhile, Iran agreed to ensure the safety of commercial ships passing through the Strait of Hormuz and reaffirmed that it would not develop or procure a nuclear weapon.
Trump rejected Iran’s proposal over the weekend, saying that it “would not be acceptable.” However, he told Axios in a phone interview on Sunday that he expected talks with Iran to resume this week.
On Sunday, Bessent disputed Iran’s offer to reopen the key waterway, suggesting that the strait was already open. An average of 15 to 22 million barrels of oil are passing through the Strait of Hormuz each day, compared with about 20 million barrels per day before the start of the conflict, he said.
Bessent told Fox News that the U.S. economic operation pressuring Iran is meant to ensure that Iran honors the conditions outlined in a potential future deal.
“They are isolated from the world. They’re 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 (Memorandum of Understanding),” he said.
“And, next time, if there is a deal—that’s at President Trump’s discretion—that they will stick to it, because they are on their knees.”
Iranian President Masoud Pezeshkian previously estimated that Iranian exports and imports had been reduced by 25 percent and 35 percent. In addition, the International Monetary Fund has estimated that Iran’s consumer price inflation has reached nearly 69 percent, and the value of Iran’s rial currency has also decreased by over 25 percent.
Despite the increased economic pressure, Pezeshkian warned last week that Iran would not back down.
In his address to the U.N. General Assembly on Sept. 23, Pezeshkian said that “the resistance of the Iranian people will only increase in the face of sanctions, increased pressure, increased bullying.”
