Rial Plummets Amid Blockade

The Iranian rial has hit a reported record low against the U.S. dollar due to a U.S. naval blockade disrupting oil exports.

Tehran traders quoted over 2.5 million rials per dollar on September 29, surpassing the previous reported low of 2.2 million rials on September 2.

The estimate dated September 25 put Iranian oil at sea at 58.4 million barrels, with 15 million barrels outside the blockade zone expected to clear by early to mid-October at the current drawdown pace.

The International Monetary Fund projected Iran's economy will contract 5.4% in 2026 due to the blockade and other economic pressures.