Iran's rial crashes to record low as Trump tightens squeeze, Bessent sets two-week deadline

WASHINGTON, DC: Treasury Secretary Scott Bessent said Iran’s currency has fallen to another record low as the Trump administration intensifies an economic campaign designed to cut Tehran off from international revenue and financial networks.

Bessent said the rial, which he placed at about 800,000 to the dollar when Washington began applying maximum pressure, is now around 2.44 million.

Iran's currency reaches new low

Bessent highlighted the figure while promoting Operation Economic Outcast, the campaign Treasury launched on August 24 at President Donald Trump’s direction.

The department describes it as a whole-of-government effort targeting financial channels used for Iranian oil sales, sanctions evasion and support for Iranian proxies.

The latest market rate underscores the currency pressure.

Reports stated that the rial crossed 2.4 million per dollar on Iran’s free market Monday, September 28, while the official rate remained around 1.5 million.

The free-market rate is widely used by Iranians seeking US currency.

Earlier reports from this month signaled that the rial had already lost roughly half its value over the year amid tighter US sanctions and military pressure.

Washington targets Iran's oil lifeline

The currency decline comes alongside tighter restrictions on Iran’s main export revenue source.

Bessent said on Sunday that about 15 million barrels of Iranian oil remained on the water for delivery to China and predicted Iran could have “nothing left to trade for anything” within roughly two weeks.

Earlier reports in September stated that Iranian oil exports had fallen to about 260,000 barrels per day from 1.7 million barrels the previous year, according to senior Iranian sources.

Treasury has also expanded the campaign beyond petroleum. 

Recent actions have targeted Iranian airlines, financial institutions, a Russian bank accused of facilitating sanctions evasion and digital-asset networks linked to Iranian financiers.

Oil pressure reaches American households

The economic campaign is unfolding as the wider US-Iran confrontation continues to affect energy markets.

Brent crude climbed above $107 a barrel Monday after Trump rejected an Iranian proposal linked to reopening the Strait of Hormuz.

Higher crude prices can raise costs across gasoline, transportation and other energy-dependent sectors. 

The immediate US concern is therefore not the rial itself, but whether continued disruption around Iranian oil and the Strait of Hormuz keeps pressure on energy prices while Washington maintains its economic campaign against Tehran.