The economic toll of more than two months of war is visible in Iran, as a U.S. naval blockade and the effective halt of the Islamic Republic’s maritime trade triggers mounting pressure across the economy. The sharp depreciation of the Iranian rial is the clearest sign so far of a broader economic breakdown now unfolding.
On April 29, 2026, the U.S. dollar surged 12 percent against Iran’s national money in a single day to nearly 1.8 million rials, marking one of the steepest daily declines in the currency’s history. The rial had already lost 4 percent of its value between April 20—one week after the U.S. blockade began—and April 28, but the subsequent collapse suggests the currency crisis may be entering a more accelerated phase.
