Treasury Secretary Scott Bessent predicted that Iran’s remaining oil exports to China will conclude within the next two weeks, effectively leaving Iran in economic isolation.
Bessent, in an interview with Fox News on Sunday, revealed that only approximately 15 million barrels of Iranian oil remain for delivery due to the ongoing U.S. port blockade.
The Treasury Secretary anticipates that once the final oil consignments to China are dispatched, Iran will have “nothing left to trade for anything,” signifying the effectiveness of Operation Economic Outcast. Bessent also mentioned that Iran is “feeling the pressure,” leading to their renewed interest in negotiating a deal.
Iran proposed to reopen the Strait of Hormuz, but Bessent stated that the Strait is already open, with a daily average of 15 to 22 million barrels being shipped. He stressed that Iran is currently “isolated from the world” and is a “pariah state.”
“The score is the United States, one billion — more than one billion barrels have gotten out — Iran, zero,” Bessent stated.
Iran, Trump Clash Over Deal Terms
Iran is seeking a negotiated resolution to its conflict with the U.S. and Israel, with Foreign Minister Abbas Araqchi saying progress on reopening the Strait of Hormuz depends on conditions set by Tehran. However, President Donald Trump rejected Iran’s proposal, claiming Tehran is seeking a quick deal because it is "losing so badly."
Trump later told Axios that U.S. negotiators are expected to hold further talks with Iran this week. He said Iran wants a deal but is seeking terms the U.S. would have considered a year ago. While Tehran wants discussions to focus on the Strait of Hormuz and the U.S. naval blockade, the Trump administration is seeking nuclear concessions from Iran, as per the report.
The Treasury chief told Fox News that Iran was "feeling the pressure" and had renewed interest in reaching a deal.
Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf reaffirmed Tehran’s claim of control over the Strait of Hormuz, challenging the Trump administration’s narrative. In a post on X, he pointed to elevated oil prices and premiums since the war began as evidence that markets recognize Iran’s influence over the key waterway.
At the time of writing, Brent crude oil futures expiring in December were trading 3.60% higher at $100.93 per barrel, while WTI crude futures expiring in November were trading 4.20% higher at $96.28 per barrel.
Price Action: On a year-to-date basis, United States Oil Fund (NYSE:USO) and ProShares Ultra Bloomberg Crude Oil (NYSE:UCO) surged 114.47% and 168.74%, respectively, as per Benzinga Pro.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via USA TODAY Network via Reuters Connect
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