Treasury Secretary Scott Bessent said Iran is “collapsing” under economic pressure but acknowledged that the Trump administration does not know how the eight-month war will end.
Bessent Says Iran Nears Breaking Point
“I don’t know what ‘crying uncle’ is in Farsi, but they’re going to be crying uncle. You know, they are collapsing. They can’t pay their soldiers,” Bessent told Rachel Campos-Duffy on “Fox & Friends Weekend” Sunday. “And Rachel, I don’t know how this ends. You never know how this ends.”
Bessent compared the uncertainty to the fall of the Berlin Wall. “We don’t know whether the people rise up, the IRGC turn on each other, or they actually come to their senses and want to make a deal not to have a nuclear program,” he said.
Sanctions Target Iran’s Critical Oil Revenue
His comments fit Washington’s economic campaign against Tehran. Treasury has targeted Iran’s oil, shipping and financial networks, while Bessent said this month that Iran loaded “ZERO” crude oil onto tankers in September, cutting off what he called the regime’s “most critical source of revenue.” His warning follows earlier comments that Iran’s economy could collapse “within weeks or months”.
The war has produced costs outside Iran. The International Energy Agency says shipping through the Strait of Hormuz has slowed to a trickle from roughly 20 million barrels per day of crude and petroleum products, pushing oil above $100 and lifting diesel and jet-fuel prices.
War Costs Rise as Endgame Eludes
Trump said last week that the U.S. would not resume strikes on Iran before the Nov. 3 midterms, citing “productive discussions” with Tehran. Reuters reported that the conflict has hurt Trump’s approval ratings and Republican prospects as voters focus on higher fuel prices. Trump’s announcement temporarily eased fears of renewed strikes, although the administration has not outlined an exit.
The military cost has also risen. The Pentagon’s casualty database now links 21 U.S. service-member deaths to operations against Iran, while 865 troops have been wounded.
Bessent previously said Iran’s economy could collapse “within weeks or months,” while stressing that Washington wants Tehran to change course. He said the regime should “come to their senses” rather than let its economy implode. Treasury has since expanded sanctions targeting Iranian oil vessels.
Photo courtesy: Shutterstock
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