Dollar and Oil Prices Soar Amid Escalating Tensions
The US Dollar surged in Iran's open market to 221,000 Tomans on September 3, 2026, as tensions between the Islamic Republic and the United States escalated. This marks a 1,000 Toman increase from the previous day and an 18,000 Toman rise since the beginning of the week.
The value of the Euro also advanced by 2,000 Tomans to reach 256,000 Tomans. According to market reports, some currency holders are withholding assets in anticipation of further price increases, which has led to a reduced supply of currency.
Central Bank Governor Abdolnaser Hemmati described the surge as 'temporary' and driven by 'psychological and promotional atmospheres', stating that the central bank is prepared to inject up to $2 billion into the market. However, this measure failed to halt the upward trajectory of the exchange rate.
Simultaneously, Brent crude oil prices rose by 1.7 percent on Thursday to reach $97.25 per barrel, while US benchmark crude oil (WTI) advanced by 1.9 percent to reach $92.71 per barrel. This increase in oil prices is attributed to growing concerns over the expansion of the war and disruptions to energy transit through the Strait of Hormuz.
The parallel surge in currency and oil prices follows a fresh wave of US strikes against Islamic Republic military targets in southern Iran, with both sides launching missile and drone strikes across several countries in the region. This escalation has heightened anxieties regarding global energy supplies and further reduced foreign currency revenues in Iran.