Treasury Secretary Scott Bessent says Iran is on track to have "no oil on the water" this week, arguing that the country's oil exports are being squeezed to the point that Tehran could lose a major source of revenue.
Bessent said Iran's shipments through the Strait of Hormuz have fallen dramatically and previously indicated that Iran could soon have little or nothing left to trade after completing its remaining deliveries to China.
The Trump administration is presenting the pressure campaign as a way to cut off revenue available to Tehran. The full impact on Iran's oil exports and government finances remains to be seen.