"First Time In History": Bessent Says Iran Faces Zero Oil Revenue As Tanker Loadings Collapse
Treasury Secretary Scott Bessent joined Mike Allen for a new episode of "The Axios Show," published Saturday morning.
Bessent spoke about the Iran war's effect on the cost of living for US consumers and his "I am the house" comment early last month, which warned anyone betting against the Treasury's defense of the long end of the market.
Beyond the broader global bond rout, his comments on the Strait of Hormuz added color to President Trump's economic stranglehold on Tehran.
"They are isolating them economically like this never happened before. You know, right now, the score: barrels out of the Strait: U.S. about 1.1 billion, Iran zero," Bessent told Allen.
Bessent continued, "For the first time in history, they, since they started pumping oil, they will have no oil on the water this week. They will have no revenue."
Bessent on Iran:
For the first time in history, since they started pumping oil, they will have no oil on the water this week.
They will have no revenues. pic.twitter.com/PIrHwUCG4q
— Clash Report (@clashreport) October 3, 2026
Separately, last week, Goldman analysts Yulia Zhestkova ...
Continue Reading »