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President Donald Trump said Tuesday that Iran is facing severe economic pressure, claiming the country’s oil minister, Mohsen Paknejad, has resigned amid the worsening situation.

Speaking to reporters before traveling to Sparrows Point, Maryland, Trump described Iran’s current economic condition in stark terms and linked the minister’s reported resignation to the country’s financial and oil situation.

“Iran is doing very poorly,” Trump said.

“Their economy is gone. They have inflation of almost 300%, and their oil minister just quit,” Trump said. “He said, ‘We have no economy. We have no oil. We have nothing’.”

Trump also pointed to developments involving the Strait of Hormuz, a crucial route for global oil shipments, saying substantial volumes of oil have continued moving through the waterway.

“The Strait of Hormuz — tremendous amounts, millions of barrels of oil — has been delivered just over the last couple of days.”

“We’re getting it through at levels that we’re now, even in some times, exceeding prior to the war. We’ve done very well,” he said.

Trump’s comments come as tensions surrounding Iran, its economy and global energy supplies remain closely watched.

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Transcript
00:00We're going to a very special place. We're opening a big shipyard today.
00:05We're opening really a lot of shipyards over the next year.
00:09Our military is building like we've never built before.
00:12We have 17 different factories being built, ammunition factories, and we're doing very well.
00:19Iran is doing very poorly. Their economy is gone.
00:23They have inflation of almost 300 percent.
00:27Their oil minister just quit.
00:29We said, we have no economy, we have no oil, we have nothing.
00:35The Hormuz Strait, tremendous amounts, millions of barrels of oil has been delivered just over the last couple of days.
00:42We're getting it through at levels that were now even and sometimes exceeding prior to the war.
00:48And we've done very well.

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