Iran's Top Banker Says Oil Sales Have Nearly Stopped as Its Money Loses Value

Iran's central bank chief, Abdolnaser Hemmati, said the country's oil exports have "virtually stopped" after US warships blocked Iranian ports. Iran's currency, the rial, fell to 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, or financial penalties, "the single greatest financial offensive" against any adversary.