Iran's currency drops to record low, tracking websites show Iran's currency has dropped to a record low of more than 2,000,000 rials per US dollar, two websites tracking the free market rate showed on Monday. Reporting by Reuters.
Iran warns of 'consequences' for countries joining US economic sanctions The Iranian Foreign Ministry warned on Monday that there would be "consequences" for countries joining the US campaign of economic pressure against the Islamic Republic. "The necessary warnings have certainly been issued, as any complicity with America in implementing its aggressive actions against Iran will undoubtedly have consequences," ministry spokesman Esmaeil Baghaei said during a weekly press conference. His comments come ahead of Washington's expected announcement later on Monday of new measures to isolate the Iranian economy.
Less than 20 ships transit Strait of Hormuz over weekend Fewer than 20 vessels have travelled through the Strait of Hormuz during the weekend, data from Kpler showed. Four vessels crossed the strait on Sunday, with 13 others transiting on Saturday. The full count remains unclear, as some ships had switched off transponders on their way through the key waterway.
Iranian parliamentary committee approves provision to charge ships in Hormuz Iranian parliament advanced a provision in a draft law on Sunday allowing Tehran to charge ships passing through the Strait of Hormuz. The parliament's National Security and Foreign Policy Commission approved Article 3 of its "Strategic Action to Ensure the Security and Progress of the Strait of Hormuz" plan, Iran's IRNA news agency reported. Based on the article, a fee will be charged for services "including maritime, environmental, fueling under special conditions, insurance, safety, and other services provided in the Strait of Hormuz.
Morning recap Good morning Middle East Eye readers. If you're just joining us, here are key developments from across the region: • Tehran has warned that any state joining US sanctions against Iran will be considered an enemy, threatening to block oil exports through Hormuz. • US president Donald Trump, meanwhile, again posted an image on his Truth Social account, claiming Hormuz as US territory.
Six EU countries urge windfall tax on energy firms as profits soar due to Iran war Six European Countries are stepping up calls for a bloc-wide windfall tax on oil companies as profits soar due to the Middle East war, according to a letter seen by AFP. The finance ministers of Germany, Italy, Austria, Poland and Portugal, along with Spain's economy minister, sent the joint letter to the finance minister of Ireland, which holds the current EU presidency. "Oil companies are enjoying overall profitability and margins on refined products that exceed the rise in crude oil prices," it read.
Iran threatens to block Hormuz if neighbours join US sanctions Tehran would target the interests of countries that help the United States in its economic pressure campaign against Iran , the secretary of Iran's Supreme National Security Council, Mohsen Rezaei, stated on Saturday. "We are telling all nearby countries not to join the US economic war, otherwise we will consider them as enemies," Rezaei said, speaking to state television. He claimed that Trump had been persuaded by Netanyahu to wage an economic war on Iran, saying "The enemy is counting on division and disagreement," while Iran remained "unified.
US 'economic terrorism' will not break people's will: Iranian Vice President Iran's First Vice President Mohammad Reza Aref said on Saturday that the government will not allow what he called "America's economic terrorism" to undermine the country's economic stability and people's livelihoods. “The experience of the Islamic Revolution has shown that economic pressure is incapable of altering the will of the Iranian nation and instead yields the opposite result,” Aref said in a post on X. His remarks came after US President Donald Trump announced new sanctions against Tehran, describing the move as "the most crushing economic operation” against Iran.
US sanctions 'declaration of war on all nations', Iran says Iran’s foreign ministry spokesperson, Esmaeil Baghaei, says new US sanctions against Iran amounted to a “declaration of war” on all countries and went beyond “an illegal economic war against a single nation”, according to Iran’s Fars news agency. Baghaei said: “The announcement of new sanctions represents an attempt by the United States to exert extraterritorial sovereignty over all independent UN member states. ” “No government has the right to force foreign banks, enterprises, or airports, each operating under the exclusive jurisdiction of their own sovereignty, to refrain from engaging in legitimate trade with a third country.
Tanker traffic at Saudi Arabia's Yanbu port falls by a third, report says Tanker traffic at Yanbu, Saudi Arabia's main Red Sea oil terminal, has fallen by more than a third since Yemen’s Houthis announced a blockade of Saudi vessels through the Bab al-Mandeb strait on July 20, Lloyd's List Intelligence reports. To deal with the blockade, Saudi energy giant Aramco relies on a three-part operation to ship crude: shuttle tankers carry crude from Yanbu to Egypt’s Ain Sukhna, the SUMED pipeline pipes it across to Egypt’s Mediterranean port of Sidi Kerir, and vessels reload there for onward delivery, according to the report. While the route keeps Saudi crude flowing, it requires more tankers and adds weeks to voyages for Asian buyers.
Georgia declines to join new EU sanctions against Iran Georgia has declined to join the European Union’s latest sanctions against Iran, saying its foreign policy decisions are guided by national interests, Iran’s state news agency, IRNA, reported. Tengiz Sharmanashvili, a representative of Georgia’s ruling Georgian Dream party in parliament, said Tbilisi decides whether to back international measures based on whether they serve Georgia’s interests at a particular time. “If a decision conflicts with Georgia’s interests, it simply does not matter to us whose interests it serves,” he said, according to IRNA.
FM Araghchi says US economic pressure campaign is doomed to fail Iranian Foreign Minister Abbas Araghchi said US President Donald Trump’s threat to launch the “most crushing economic operation ever” against Iran was “doomed to failure”. “We’ve seen this movie before; the same old story, just with different bullies,” Araghchi said, adding that US threats to impose the “most crippling sanctions in history” 14 years ago had failed.
Iran promises to resist interference by foreign 'enemies' as Trump threatens new sanctions Submitted by MEE staff on Fri, 08/21/2026 - 11:11 US Treasury vows 'toughest sanctions in history' in hopes of collapsing Islamic Republic Iran's Parliament Speaker Mohammad Bagher Ghalibaf gives a press conference at an event marking 40 days since the burial of Iran's supreme leader Ali Khamenei in Karbala, Iraq, on 20 August 2026 (Karar Jabbar/AFP) Off Iran’s parliament speaker said efforts by "enemies" to drive Iran and Iraq apart will instead deepen their relationship, as Trump threatened "tremendous" costs for those working with the Islamic Republic. Mohammad Bagher Ghalibaf told an Arbaeen ceremony in the city of Karbala on Thursday that history, geography and shared religious beliefs bound the countries together. “We were two nations that refused to become a footnote in others’ narratives and did not allow our destiny to be written in western capitals,” he said.
Iranian oil prices rise as US blockade tightens supplies to China Iranian crude prices have climbed as fewer cargoes reach Chinese buyers under a tightening US blockade, Reuters reports. Traders said Iranian oil deliveries for September and October had fallen below volumes in July and August. Sellers have already placed much of the crude shipped earlier, leaving fewer barrels available.
How China eased pressure on oil markets by halting purchases and relying on reserves Submitted by Gaspard Rouffin on Thu, 08/20/2026 - 09:23 Beijing’s vast stockpiles and reduced crude imports have helped absorb a supply shock that might otherwise have sent global prices soaring An oil tanker unloads imported crude oil at a terminal in Qingdao Port, eastern China, 16 July 2026 (AFP) Off The closure of the Strait of Hormuz should, in principle, have caused a far greater shock to oil markets than it has. This, in large part, is due to China’s policy of using its strategic stockpiles rather than purchasing crude oil at inflated prices due to the war. Before the war, the strait carried roughly 20 million barrels per day (bpd) – a fifth of global daily oil consumption – with an estimated 10 to 14 percent of global supply remaining inaccessible six months on.
JD Vance says US economic pressure 'most effective tool' against war on Iran US Vice President JD Vance said that the country has entered a "new phase" in its war on Iran, leading with economic pressure as Washington's "most effective tool". "We're kind of now in a new phase where the most effective tool that we have is the economic pressure that we can apply to them," Vance said during an interview with The Clay Travis & Buck Sexton Show. “We're going to keep that going," he added.
US vows to 'collapse' Iran with new sanctions as energy prices spike The US will impose "the toughest sanctions in history” on Iran, Secretary of the Treasury Scott Bessent said on Thursday, vowing to ramp up economic pressure on the Islamic Republic even as the economic toll of the war builds. "It is a one-two punch. We have the blockade [on Iran], and we are going to have the toughest sanctions in history," Bessent told CNBC.
US Treasury chief urges China to back proposed Iran sanctions US Treasury Secretary Scott Bessent urged China to “get with the programme” over proposed sanctions on Iran, saying Beijing would benefit from the reopening of the Strait of Hormuz and lower energy prices. Asked in a CNBC interview whether Washington could target China for doing business with Iran, Bessent said such discussions were best held in private but that the United States was confident everyone wanted the strait reopened and energy prices to fall. “The Chinese get 50 percent [of their] energy from inside the Gulf.
US vows to 'collapse' Iran with new sanctions as energy prices spike Submitted by MEE staff on Thu, 08/20/2026 - 19:32 Soaring commodity and shipping prices underscore the risks of inflation as US readies 'economic D-Day' US Secretary of the Treasury Scott Bessent speaks to members of the press outside the White House on 20 August 2026, in Washington, DC (Alex Wong/Getty Images/AFP) Off The US will impose "the toughest sanctions in history” on Iran , Secretary of the Treasury Scott Bessent said on Thursday, vowing to ramp up economic pressure on the Islamic Republic even as the economic toll of the war builds. "It is a one-two punch. We have the blockade [on Iran], and we are going to have the toughest sanctions in history," Bessent told CNBC.
US targets Hezbollah with fresh sanctions The United States will on Thursday issue fresh sanctions targeting Lebanon's Hezbollah, including re-designating it under a terrorism authority, according to a statement seen by Reuters, in a move aimed at emphasizing its links to the Iranian government. While Hezbollah is not being designated under any new authority, the Treasury Department is re-designating it as a Specially Designated Global Terrorist "for service to the Iranian regime under the command of Iran’s Islamic Revolutionary Guard Corps-Qods Force," according to the statement.
