Iran's Central Bank Chief Says Crude Exports Have 'Virtually Stopped' as Rial Nears 2 Million Per Dollar

Central bank governor Abdolnaser Hemmati admitted Iran's crude exports have "virtually stopped" due to a US naval blockade of Iranian ports. The rial traded at 1.992 million per dollar on August 24, down 4.5% since the US president announced a "crushing economic operation." Treasury Secretary Scott Bessent called the planned sanctions "the single greatest financial offensive ever marshalled against an adversary."