US sanctions force Iran's rial to record lows oil exports to halt

Treasury Secretary Scott Bessent has highlighted signs that U.S. sanctions against Iran are taking effect, citing a collapsing rial and a halt in crude oil shipments. In an X post on Monday, Bessent stated that the rial has reached record lows, and Iran loaded no crude oil onto tankers in September. He described these developments as part of Operation Economic Outcast, claiming the campaign is delivering tangible results.

The rial plummeted to 2.7 million per U.S. dollar on the open market on October 5, 2026. Meanwhile, inflation in Iran has surged, with consumer prices 89.8% higher than a year earlier and average inflation over the past 12 months at 73.6%. Bessent also referenced Mohsen Rezaei, Iran’s Supreme National Security Council secretary, who acknowledged the country is facing one of its most challenging periods in history.

The economic strain on Iran is evident, as both currency depreciation and inflation reflect the impact of U.S. sanctions. Bessent’s remarks underscore the effectiveness of the pressure campaign, which has reportedly led to a complete halt in Iranian crude oil exports for the month of September.