Iran's Central Bank Chief Says Oil Exports Have 'Virtually Stopped' as Currency Plummets

Central bank governor Abdolnaser Hemmati said Iran's crude exports have "virtually stopped" after a US naval blockade of its ports. The rial hit 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 — punitive financial restrictions — "the single greatest financial offensive ever marshalled against an adversary."