Iran didn’t load any oil last month at its export terminals, marking the first time that’s happened since the 1979 Islamic revolution, according to Homayoun Falakshahi, head of crude oil analysis at Kpler.
On top of that, Iran can’t import goods by sea, including fuel, and land-based routes are clogged up. Inflation is now near 90%, GDP is expected to shrink 5.4% this year, unemployment has jumped, energy is being rationed, and even Supreme Leader Ayatollah Mojtaba Khamenei has expressed concern about “social cohesion” amid the economic hardship.
On Tuesday, the currency fell to a new record low among traders in Tehran, hitting more than 2.5 million rials to the U.S. dollar. It came less than a month after the rial hit its previous record low of 2.2 million to the dollar on Sept. 2.
For now, Tehran is still able to generate a trickle of revenue from oil that was already in tankers at sea prior to the U.S. reimposing its blockade in mid-July. Kpler has estimated that those supplies totaled 90 millions barrels at the time and will run out by the middle of this month.
Payments for those final oil deliveries, which primarily end up in China, could stretch out to December. Once that spigot runs dry, however, the Iranian regime will be deprived of what was once its top source of hard currency.
Oil sales typically make up about a third of Iran’s state budget and are also key sources of funding for the Islamic Revolutionary Guard Corps.
https://fortune.com/2026/10/03/iran-currency-rial-dollar-record-low-blockade-oil-revenue-payments/