Iranian Rial Plummets Amid Escalating US Pressure

The Iranian rial has hit an all-time low against major foreign currencies as US pressure on Tehran intensifies.

Currency-market websites reported that the dollar was trading at up to 2.4 million rials, while the euro exceeded 2.7 million rials and the British pound reached about 3.1 million rials.

The latest depreciation comes as US forces said they destroyed five Iranian oil tankers in the Gulf and Gulf of Oman after Iran's Islamic Revolutionary Guards Corps twice targeted a US warship with ballistic missiles.

Treasury Secretary Scott Bessent warned companies doing business with Iran's airlines that they risk being cut off from the global financial system.