Iran’s attempts to impose tolls on ships passing through the Strait of Hormuz have yielded less than $1.3 million, a fraction of its previous daily oil revenues, according to U.S. Treasury Secretary Scott Bessent. The tolls, part of Tehran’s strategy to assert control over the critical shipping lane, have done little to offset the economic strain caused by U.S. sanctions and a naval blockade.
Currency Crisis Deepens
Meanwhile, Iran’s currency, the rial, continues its downward spiral, reaching a new record low of 1,840,000 rials per U.S. dollar on Sunday. Analysts predict further depreciation, exacerbating an already dire economic situation. The rial’s collapse, which began in December, has triggered widespread protests and market instability, with prices for essential goods rising daily.
‘They’ve gotten less than $1.3 million in tolls, which is a pittance on their previous daily oil revenues.’
Iran’s economy has been further strained by U.S. efforts to block its oil exports, leaving Tehran with rapidly filling storage facilities. Bessent warned that Iran may soon be forced to shut down oil wells, compounding its financial woes. The tolls and currency collapse underscore the effectiveness of U.S. sanctions in pressuring Tehran, even as Iran seeks to assert dominance in the Strait of Hormuz.