U.S. blockade, sanctions crippling Iran's economy, Treasury report says
Summary
A U.S. Treasury Department report says a naval blockade, sanctions and obstacles to overland trade have sharply weakened Iran’s economy. The report cites a falling currency, rising inflation and halted oil shipments, while U.S. officials say the pressure campaign may encourage Iran to negotiate.Key Facts
- The Treasury campaign, called Operation Economic Outcast, began in late August.
- The report says Iran’s rial lost about a quarter of its value since the campaign began, reaching a record low against the dollar in October.
- Iran’s annual inflation rate reached 90% in September, up from about 35% in early 2025.
- The report says Iran has not loaded oil onto tankers since August 25 because of the blockade and sanctions.
- The report describes delays and bottlenecks for Iranian overland trade at borders with Turkey, Pakistan, Afghanistan and Turkmenistan.
- Several countries have barred Iranian airlines or canceled flights to Iran, while Turkey suspended Mahan Air flights.
- Iranian banks have faced restrictions in Turkey, Lebanon and the UAE, and Treasury is targeting cryptocurrency exchanges it says are used to evade sanctions.
- President Donald Trump met with national security and foreign policy aides on Thursday to discuss the war and the blockade.
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