Bessent: Iran is on The Verge of Bankruptcy.
Bessent confirms zero oil loading at Iran's primary export terminal since August, says Washington knows everyone providing services to the Iranian regime and has seen those activities stop suddenly, in the most specific American public accounting yet of the oil blockade's impact
ERBIL (Kurdistan 24) - US Treasury Secretary Scott Bessent declared on Tuesday that no oil loading has been observed at Iran's Kharg Island oil terminal since August, that Iran currently has no oil shipments at sea, and that Iran's situation can be compared to a company on the verge of bankruptcy, in the most specific and detailed American public accounting yet of Operation Economic Outcast's impact on Iranian oil exports.
"Since last August we have not observed any loading at Iran's oil facilities on Kharg Island," Bessent said. "Iran currently has no oil shipments at sea and its situation can be compared to a company on the verge of bankruptcy. We know everyone who provides services to the Iranian regime and we have seen those activities stop suddenly."
Kharg Island: Iran's Oil Lifeline
Kharg Island, located in the northern Persian Gulf approximately 25 kilometers off the Iranian coast, handles approximately 90 percent of Iran's crude oil exports in normal operating conditions. The confirmation that no oil loading has occurred there since August represents a near-total shutdown of Iran's primary export infrastructure, going beyond the previously confirmed figures of zero Iranian oil moving through the Strait of Hormuz to specifically identify the export terminal itself as having been inactive for nearly three months.
The Kharg Island disclosure adds a critical operational detail to the financial picture Bessent has been building publicly since launching Operation Economic Outcast on August 24, 2026. Previous disclosures included the confirmation on September 11 that Iranian oil exports have reached zero, that $140 billion in oil has moved safely under American escort in two weeks, and that 85 percent of Iran's tankers are being targeted. The statement that Iran currently has no oil shipments at sea at all means that not only is Iranian oil not moving through Hormuz, it is not moving anywhere on any ocean.
Everyone Who Helps Iran Is Known
Bessent's statement that Washington knows everyone who provides services to the Iranian regime and has seen those activities stop suddenly is a direct message to the network of shipping agents, insurance providers, classification societies, fuel suppliers, and financial intermediaries whose cooperation is required to move oil on global markets. It signals that the secondary sanctions enforcement apparatus of Operation Economic Outcast has been sufficiently comprehensive to identify and deter the full ecosystem of Iranian oil trade facilitation, not just the tankers themselves.
The comparison of Iran to a company on the verge of bankruptcy is Bessent's sharpest single characterization of Iran's financial state to date, going beyond previous descriptions of the rial hitting record lows, the currency approaching 3 million to the dollar, and the IRGC cutting salaries and redirecting militia fighter payments to its own coffers. A company on the verge of bankruptcy is one that has exhausted its cash reserves, cannot meet its obligations, and is dependent on external intervention to survive.