Gokhan Ergocun
24 August 2026•Update: 24 August 2026
Iran’s currency hit a historic low against the US dollar as a tightening US economic blockade battered the country’s economy following nearly six months of conflict.
The riyal traded at around 2 million per dollar on the unregulated market on Monday, according to tracking site TGJU, down 4.5% since US President Donald Trump announced a major campaign against Tehran last week.
Pressure mounted on the currency as Washington sought to isolate Tehran by threatening its remaining trade partners, blockading key Persian Gulf ports, and choking off vital crude oil revenue.
US Treasury Secretary Scott Bessent is due to announce new economic measures against Iran later Monday as Washington steps up efforts to further isolate Tehran financially and commercially.
Bessent described the planned campaign as an "economic D-Day," saying Washington aims to sever Iran's remaining economic lifelines.
US President Donald Trump has also threatened what he called the "most crushing economic operation ever taken against any country," warning of severe penalties for countries helping Tehran circumvent US sanctions.
