Bessent says Iran will eventually “cry uncle” under U.S. economic pressure, as Trump rules out strikes before November’s midterm elections

U.S. Treasury Secretary Scott Bessent said the administration does not expect military action against Iran before the November 3 midterm elections, while predicting that economic pressure will eventually force Tehran to yield. “I don’t know what the Persian equivalent of ‘cry uncle’ is, but they will eventually cry uncle,” he said.

Bessent said the outcome of the confrontation was uncertain. He listed possible scenarios including a popular uprising, fractures within the Islamic Revolutionary Guard Corps, or Iran’s leaders agreeing to abandon the country’s nuclear program.

He described Iran’s finances as under severe strain, saying its cash flow had turned negative, workers were staying home and the government was printing money because it lacked access to dollars. He also asserted that no Iranian oil tankers loaded with oil were currently at sea.

Separately, Bessent defended President Donald Trump’s decision to allow Russian diesel back onto the market, saying lower fuel prices serve Americans’ interests. He called Iran “the biggest loser,” arguing that Tehran’s pressure through the Strait of Hormuz and on fuel prices had failed. He also accused European governments of hypocrisy for criticizing the Russian diesel move while continuing to buy Russian energy.

Trump announced on October 8 that the United States would not attack Iran before the November 3 midterm elections. The next day, he said he had reached a deal with Russian President Vladimir Putin to obtain diesel, a reversal of U.S. policy aimed at easing fuel-price pressure.