Iran's currency hits record low as oil exports collapse under U.S. blockade

Iran's currency hit a record low of over 2.5 million rials to the U.S. dollar on Tuesday, as a U.S. naval blockade reduced oil exports to virtually zero, crippling the regime's main revenue source. Iran loaded no oil last month for the first time since 1979, with inflation near 90% and GDP expected to shrink 5.4% this year. The regime cannot access payments for remaining seaborne oil deliveries, primarily from China, which may last only until December. The currency has plunged about 170% since August 2025, following a prior collapse that sparked protests and a brutal crackdown. U.S. officials predict an economic "cataclysm," while Supreme Leader Ayatollah Mojtaba Khamenei has expressed concern about "social cohesion."