Treasury Secretary Scott Bessent said Iran is on track to have no oil at sea—and no oil revenue—this week for the “first time in history,” in remarks to The Axios Show. Separately, an Iranian security official issued an unusual warning about the country’s economy, according to state media.
‘No oil on the water,’ Bessent claims
“For the first time in history, since they started pumping oil, they will have no oil on the water this week,” Bessent said. “They will have no revenues.” He linked the squeeze to a three-stage U.S. strategy: a late‑February military campaign, a naval blockade President Donald Trump calls the “Iron Wall,” and an effort he described as Operation Economic Outcast aimed at isolating Tehran economically.
Bessent said the initial U.S. strikes destroyed Iran’s navy and air force and depleted drone and missile capabilities. He added that the blockade has kept Iranian crude from moving through the Strait of Hormuz while other traffic continues. “Right now, the score, in terms of barrels out of the strait: U.S. about 1.1 billion, Iran zero,” he said.
Treasury also announced new sanctions Thursday on Iran’s automotive and rail sectors and foreign suppliers to further restrict resources for military, missile, drone, cyber operations, and the IRGC, according to Bessent’s account.
Tehran acknowledges strain
Mohsen Rezaei, identified as Iran’s top national security official, described the situation as among the country’s most difficult during a high‑level meeting with President Masoud Pezeshkian and ministers, Iran’s state‑run IRNA reported. Iranian state media did not publish his remarks verbatim. At the same meeting, Pezeshkian said economic conditions had worsened and that his government adopted a “new posture” to manage what he called “special conditions,” per the report.
The rial fell to roughly 2.69 million per U.S. dollar on Saturday after losing more than half its value in a year, while inflation has exceeded 70 percent, according to the source material. Iran’s central bank has offered up to $2 billion in U.S. currency via state banks to support the rial. Reuters reported that many Iranians are depleting savings, losing jobs, relocating to cheaper areas, and cutting basic spending amid rising prices and reduced oil income.
Regional flows rise as Iran’s exports collapse, analysts say
Energy Secretary Chris Wright said oil shipments through Hormuz have increased in recent weeks. Goldman Sachs analysts estimated Persian Gulf exports at roughly 23.3 million barrels per day over the past week, returning to prewar levels even as Iranian loadings collapsed, according to the source material.
Blockade posture and negotiations
War Secretary Pete Hegseth said the United States can maintain the blockade “as long as we need to,” adding, “Iran wants to play games with things like the Strait of Hormuz. They don’t control it. We do.” He urged Tehran to “make the right choice,” saying President Trump retains options if talks fail.
Iranian officials said Washington responded through intermediaries to Tehran’s latest proposal—previously rejected by Trump—and that the reply is under review. Parliament Speaker Mohammad Bagher Ghalibaf said the Strait of Hormuz “will not open” until seven Iranian conditions tied to the Islamabad Memorandum of Understanding are met. Foreign Minister Abbas Araghchi said “there is no military solution,” arguing only negotiations based on “justice and fairness” can end the conflict, while warning any renewed military confrontation would draw a stronger response.
Camp David huddle; decisions pending
Senior U.S. officials met for several hours at Camp David on Friday to discuss Iran, with Vice President JD Vance chairing and attendees said to include Secretary of State Marco Rubio, Hegseth, Bessent, CIA Director John Ratcliffe, White House envoy Steve Witkoff, and Joint Chiefs Chairman Gen. Dan Caine, according to Axios as cited in the source material. “Things were decided or at least deeply discussed,” one U.S. official told Axios. Trump told reporters, “You will see. It is working out very well. Iran is not doing well,” and said he is approaching a decision.
Iran signals missile upgrades
Iran’s army said it is increasing missile range and speed after concluding U.S. forces are operating farther from Iranian shores. Brig. Gen. Mohammad Akraminia said missiles would be upgraded to reach targets up to 1,000 kilometers, per the source material.
Bessent said Iran is days from having no oil at sea or oil revenues, while Hegseth maintained the blockade can continue indefinitely if Tehran rejects an agreement.
