Brief

Treasury Secretary Warns Iran Will Run Out of Oil to Trade in Two Weeks

Bessent warned that Iran’s oil reserves are dwindling, predicting the regime will have nothing left to trade after its last shipments to China.

By Felo News Desk · Published Mon, 28 Sep 2026 02:40:21 GMT

Washington – Treasury Secretary Scott Bessent told Fox News that Iran’s oil reserves are shrinking fast and that the regime will have “nothing to trade” within about two weeks. Bessent said the country has only 15 million barrels of oil left on the water and that it will make its final deliveries to China before it runs out. He added that the pressure from the US blockade is forcing Iran to seek a deal.

Blockade and Operation Economic Outcast

Bessent referred to the Operation Economic Outcast, the administration’s recent push to tighten sanctions and target foreign companies doing business with Iran. The blockade has closed vessels from entering or leaving the country, and the US has cut off access to the Strait of Hormuz, a key shipping lane for Iranian oil.

Iran’s Response

Iranian President Masoud Pezeshkian has said the country is still willing to negotiate a deal with the United States. In a separate proposal, Iranian officials pushed for a seven‑day ceasefire that would open the Strait of Hormuz in exchange for the US unfreezing roughly $12 billion in frozen assets, lifting the blockade and easing sanctions. President Trump rejected the proposal, calling it unacceptable.

Implications for Trade

Bessent warned that Iran’s oil exports are already at their lowest level since 2020, with daily output falling to 210,000 barrels. The US blockade has also caused truck jams at borders, high fuel prices and rising import costs for Iran. Alternative routes via the Caspian Sea and rail to China have seen limited success.

US‑Israeli War Costs

Earlier this month, a Department of Defense inspector general report revealed that the first four months of the US‑Israeli offensive against Iran cost $33.4 bn, with $22.3 bn spent on munitions. The report highlighted strategic inventory shortfalls and industrial bottlenecks that could affect future supply in a prolonged conflict.

Key facts

Treasury Secretary Scott Bessent said Iran will have no oil left to trade within about two weeks (nypost.com)
Iran has only 15 million barrels of oil left on the water (nypost.com)
Operation Economic Outcast tightened sanctions on Iran (nypost.com)
Iran’s oil exports fell to 210,000 barrels per day, lowest since 2020 (nypost.com)
Iran’s trade has declined under the US blockade, causing truck jams and high fuel costs (nypost.com)
US‑Israeli offensive against Iran cost $33.4 bn in first four months, $22.3 bn on munitions (nypost.com)

Background

Felo News has previously reported on the economic impact of the US blockade on Iran, noting sharp declines in trade and the rise of truck jams at borders. Earlier coverage also highlighted the cost of the US‑Israeli offensive against Iran, with significant spending on munitions and inventory shortfalls.