What happened
Treasury Secretary Scott Bessent has warned that Iran's economy will be left with nothing to trade in roughly two weeks. This is due to the country's remaining oil reaching China, and the US maintaining its blockade of Iranian exports.
According to Bessent, only about 15 million barrels of Iranian oil remain on the water, leaving Tehran close to exhausting one of its remaining major sources of revenue. He believes that once these deliveries are made, Iran will have nothing left to trade.
The US has been applying economic pressure on Iran through a blockade and Operation Economic Outcast, a financial campaign aimed at severing Iran's economic lifelines and isolating the regime from the international financial system. This campaign has led several countries, including Turkey and Oman, to take action against Iranian entities.
President Donald Trump has rejected Tehran's latest proposal to reopen the Strait of Hormuz, but has signaled that negotiations could continue. The US is insisting that Iran address its nuclear program as part of any new agreement.
