Treasury Secretary Scott Bessent predicted that Iran’s remaining oil exports to China will be completed within two weeks, leaving approximately 15 million barrels for delivery under an ongoing U.S. port blockade. He said Iran would then have "nothing left to trade for anything" and described the outcome as evidence of Operation Economic Outcast’s effectiveness. Bessent also said Iran was "feeling the pressure" and had renewed interest in negotiating. Tehran proposed reopening the Strait of Hormuz, but Bessent said the waterway was already open, with 15 million to 22 million barrels shipped daily, and called Iran isolated from the world and a pariah state. Iran is seeking negotiations with the U.S. and Israel, while President Donald Trump rejected Tehran’s proposal and said U.S. negotiators are expected to hold further talks with Iran this week. The two sides remain divided over whether discussions should center on Hormuz and the U.S. naval blockade or on nuclear concessions. Brent and WTI crude futures rose 3.60% and 4.20%, respectively, while USO and UCO were up 114.47% and 168.74% year to date, according to Benzinga Pro.