Iran's Rial Hits Reported Record Low as Blockade Disrupts Oil Exports

Iran’s rial hit a reported record low against the U.S. dollar as a U.S. naval blockade disrupted oil exports, adding pressure to an economy the International Monetary Fund expects to contract in 2026.

Tehran traders quoted more than 2.5 million rials per dollar on Sept. 29. That market quote was above the previous reported low of 2.2 million on Sept. 2 and was not an official central bank rate.

An estimate dated Sept. 25 put Iranian oil on the water at 58.4 million barrels. Of that total, 15 million barrels were outside the blockade zone and were expected to clear by early to mid-October at the then-current drawdown pace.

The estimate covers oil already at sea; it does not establish that Iran would have no oil left to sell once the outside-zone supply cleared.

The International Monetary Fund projected Iran’s economy would contract 5.4% in 2026 in its July outlook update.