Iran's Currency Collapses Amid US Blockade and Economic Pressures

Iran's economy is facing a severe crisis due to a combination of factors. The country's currency, the rial, has reached a historic low, trading at over 2.5 million per US dollar in Tehran's market. This decline comes just weeks after it touched 2.2 million per dollar on September 2.

The Iranian government is struggling to access foreign currency due to a US naval blockade that has cut off oil exports and restricted maritime imports, including fuel. The country's oil industry, one of its main sources of revenue, is facing severe pressure as exports have been brought close to a standstill.

Kpler, an energy analytics firm, reported that Iran did not load any oil at its export terminals last month, marking the first such occurrence since the 1979 Islamic Revolution. The US blockade has also pushed neighboring Persian Gulf countries to increase their own shipments under US military protection.