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US-Israel-Iran War Latest News: US President Donald Trump has shared a report quoting Treasury Secretary Scott Bessent as saying Iran could have “nothing left to trade” after completing its remaining oil deliveries to China. Bessent said Iran could reach that point within about two weeks, with around 15 million barrels of Iranian oil still out for delivery.
The comments came as the United States continued its economic pressure campaign against Tehran and diplomatic efforts to end the seven-month US-Iran conflict remained uncertain. Iran has continued to engage with mediators while seeking conditions for a wider agreement involving the war, sanctions, its nuclear programme and the Strait of Hormuz.
US-Israel-Iran War Latest News: Trump Shares Bessent’s ‘Nothing Left to Trade’ Warning
The warning about Iran having “nothing left to trade” came from Bessent during an interview on Fox News, rather than directly from Trump. Bessent said Iran had about 15 million barrels of oil remaining for delivery and expected the final shipments to China to be completed within roughly two weeks. He argued that the reduction in Iran’s oil exports was increasing economic pressure on Tehran. Trump later shared a report carrying Bessent’s remarks, bringing the warning into focus as the administration continued its pressure campaign against Iran. Bessent also disputed claims that China was continuing to provide significant assistance to Iran. He said China had substantially reduced such support.
US-Israel-Iran War Latest News: Iran’s Oil Tankers Stranded Near Sri Lanka
The pressure on Iran’s oil trade has also affected its tanker fleet. The Wall Street Journal reported that around 20 empty Iranian oil tankers were stranded roughly 15 miles off Sri Lanka’s southwestern coast, with food, fuel and fresh water supplies running low. The report said the vessels had previously been involved in transporting sanctioned Iranian oil to China. It also said US officials had recently pressured Sri Lanka to prevent local vessels from providing supplies to the tankers and their crews. Dozens of Iranian or Iran-linked tankers have reportedly been stranded near Asian countries, including Sri Lanka and Malaysia, since the United States intensified its blockade and pressure campaign in July.
US-Israel-Iran War Latest News: Trump Denies Offering Iran Sanctions Relief
The latest oil developments came as Trump denied reports that he was prepared to offer Iran sanctions relief and release frozen Iranian funds in exchange for concrete steps on its nuclear programme. Reuters reported on October 1 that Trump rejected those reports as diplomatic efforts continued between Washington and Tehran. Iran has said it is prepared to negotiate but has maintained conditions linked to sanctions, its frozen assets and the Strait of Hormuz. Iran has denied seeking nuclear weapons, while the Trump administration has identified restrictions on Iran’s nuclear capabilities and regional military activities among its objectives.
US-Israel-Iran War Latest News: Iran Receives US Response to Peace Proposal
Iran has received an official US response to its latest proposal aimed at ending the conflict, although the details have not been publicly disclosed. Iranian Foreign Minister Abbas Araghchi briefed President Masoud Pezeshkian and the Cabinet after returning from New York.
Iran had proposed reopening the Strait of Hormuz within seven days if Washington agreed to conditions including lifting its blockade of Iranian ports, releasing frozen Iranian assets and easing sanctions on Iranian oil sales.
Trump rejected the proposal, saying Iran wanted a deal because it was “losing so badly” and that the offer was unacceptable. Despite the public rejection, mediators from Qatar and Pakistan have continued efforts to bring the two sides closer to an agreement.
US-Israel-Iran War Latest News: Rubio Orders Iranian Delegation to Leave New York
US Secretary of State Marco Rubio also ordered Iranian Foreign Minister Abbas Araghchi and his delegation to leave New York earlier than planned, according to two US officials. Araghchi had remained in New York after President Masoud Pezeshkian left following his address to the UN General Assembly. He was reportedly involved in indirect discussions concerning the Strait of Hormuz, the conflict and Iran’s nuclear programme.
According to the US officials cited by AP, Rubio made the decision after limited progress in weekend meetings involving Iranian and Qatari mediators. Iran’s UN delegation disputed the account, saying its departure had already been scheduled and communicated to the US State Department in advance.
US-Israel-Iran War Latest News: Strait of Hormuz Remains Key to Talks
The Strait of Hormuz remains one of the central issues in the negotiations because of its importance to global energy supplies. Iran has linked the reopening of the strait to specific conditions, while the United States has maintained pressure on Iranian oil exports and shipping.
Meanwhile, oil prices eased on October 1 as Gulf exports recovered and US crude inventories unexpectedly increased. Reuters reported Brent crude at around $96.92 a barrel and West Texas Intermediate at about $89.18 in early trading. The report said renewed US-Iran diplomatic engagement remained in focus, although a breakthrough was still uncertain.
US-Israel-Iran War Latest News: What Happens Next?
The latest developments point to continued diplomatic activity alongside intensified economic pressure on Tehran. Bessent’s warning about Iran’s remaining oil shipments, the reported tanker disruptions in Asian waters and Washington’s continued sanctions campaign have put Iran’s oil trade at the centre of the dispute. At the same time, Iran has received a formal US response to its latest proposal, while Qatar and Pakistan continue mediation efforts. The details of Washington’s response have not been made public, leaving the next stage of negotiations uncertain.