US Treasury Secretary Scott Bisnett warned that the Iranian economy could reach a point in about two weeks where it "has nothing left to trade," indicating that Tehran is nearing the delivery of its last remaining oil shipments under escalating US pressure and sanctions.
In an interview with Fox News, Bisnett said that approximately 15 million barrels of Iranian oil remain at sea, predicting that deliveries to China will conclude within the next two weeks.
He added, "I'm confident that, given that there are only 15 million barrels of Iranian oil at sea, Iran will have nothing left to trade for anything."
He continued, "Most likely, within the next two weeks, Iran will make its final oil deliveries to China, and then it will have nothing left. It will be facing a complete vacuum. And I think they are feeling the pressure, and that's why they want to reach an agreement."
Bisent's remarks come amid escalating US economic pressure on Tehran following the collapse of the memorandum of understanding with Iran in July and subsequent US measures aimed at tightening restrictions on shipping and trade related to Iran.
Last month, Bisent announced an operation called "Economic Outcast," focused on increasing pressure on foreign countries and companies that do business with Iran.
Last week, Iranian officials proposed a seven-day ceasefire, which included reopening the Strait of Hormuz in exchange for the US releasing approximately $12 billion in frozen Iranian assets and lifting sanctions.
However, US President Donald Trump rejected the proposal, deeming it unacceptable.