Bessent: Iran economy could collapse 'within weeks or months'
Treasury Secretary Scott Bessent on Monday said Iran's economy could collapse "within weeks or months," as the Trump administration seeks to cripple the Middle Eastern country's economy. "I think it could be within weeks or months –– and the economy doesn't have to collapse, we just have to have the regime come to their senses,"...
DUBAI/ASHEVILLE, North Carolina - U.S. Treasury Secretary Scott Bessent announced on Tuesday that Washington is likely to impose bank sanctions against Iran this week, intensifying efforts to economically isolate the country following six months of conflict. Oil prices surged as the first direct attacks since July and reports of two tankers being struck in the Strait of Hormuz, the critical oil supply route, threatened.
Despite this, Iran remained unyielding, threatening to prevent oil exports from the Gulf and warning that they would block access to the waterway. U.S. President Donald Trump also vowed to hit Iran hard in response to the renewed Iranian attacks, while Bessent revealed that the U.S. was preparing to enforce additional sanctions, with further measures expected in the coming week.
Bessent's comments came during a G20 finance leaders' meeting in Asheville, North Carolina, where he expressed gratitude for the support of allies in his efforts to confront Iran's defiance.
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