US Treasury Secretary: Iran's funding for proxies declining

US Treasury Secretary Scott Besent told CNBC on Wednesday that US efforts to economically isolate Iran have been "very successful," and that Tehran's funding for its proxies is declining.

He added, "In the summer, elected officials began to publicly express concern about the economic situation. Now, members of the Iranian Revolutionary Guard, both publicly and privately, are showing deep concern and are talking about a possible collapse."

Besent continued, "They cannot obtain dollars. What we are also seeing is that funding for their proxies—whether the Houthis, Hamas, or Hezbollah—is decreasing."