U.S. Treasury Department: U.S. sanctions and blockades have severely damaged the Iranian economy, leading to currency devaluation and soaring inflation.

A U.S. Treasury report shows that the U.S. maritime blockade, economic sanctions, and disruptions to land exports have severely impacted the Iranian economy. The Iranian rial has depreciated by about a quarter since August, with the unofficial exchange rate falling to 2.687 million rials to the dollar in October, and the annual inflation rate rising to 90% in September. Iran stopped loading crude oil onto tankers on August 25 and began selling off stranded oil. Thousands of trucks are stuck at the Turkish border, Iranian banks face additional restrictions, and some countries have suspended flights operated by Iranian airlines. U.S. Treasury Secretary Bessenter stated that economic pressure is working and could weaken the stability of the Iranian regime and force it to make concessions in negotiations, but the report did not conclude that the Iranian regime is nearing collapse. (Source: Axios)