Are Iranians Forced To Sell Cooking Oil? US Treasury Chief Makes Shocking Claim

Last Updated:April 25, 2026, 23:10 IST

US Treasury Secretary Scott Bessent accused Iran's Islamic Revolutionary Guard Corps (IRGC) of "colossal economic mismanagement" amid rising inflation due to the war.

US Treasury Secretary Scott Bessent on Saturday accused Iran’s Islamic Revolutionary Guard Corps (IRGC) of “colossal economic mismanagement" and forcing people to barter cooking oil to feed their families.

His remarks came after the New York Times reported that Iranians are buying cooking oil from overseas and selling it back in Iran for a profit as the demand spiked due to the impasse between the United States and Iran in peace negotiations.

As the prices of basic goods have dramatically increased in Iran, merchants are selling olive, sunflower and corn oils for a modest profit to Iranians at the border, who can either sell the oil inside their country or use it themselves, as per the report.

“I am amazed that the IRGC has forced the invention of a completely new type of oil trading — in COOKING OIL," Bessent said on X.

“As IRGC leadership tries to funnel more and more money into their offshore accounts, the regime’s colossal economic mismanagement of Iran has forced the proud Iranian people to barter to feed their families, and to become dependent on their neighbours," he added.

As per the NYT, the sharp increase in the trade of cooking oil is a potent indication of a spiralling inflation crisis that has put pressure on Iranian households for years, and which appears to have become especially severe in recent months.

The inflation rate in Iran projected by the International Monetary Fund (IMF) for this year is nearly 70% as peace negotiations hang in the balance, the highest rate for the country since at least 1980. Iranians at the border crossing have already complained about higher costs for food in the country, where the minimum wage is the equivalent of around $108 per month.

In January, cooking oil prices in Iran surged following the government’s decision to remove subsidies on the import of key essential goods, part of an effort to curb public expenditure under sanctions affecting its oil revenues. After this step, Iranians reported that they were having trouble finding cooking oil.

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