Iranian Rial declines as US Dollar hits record 274,000 Tomans

The Iranian Rial has experienced a significant decline, with the US Dollar reaching a record high of 274,000 Tomans in the Tehran free market. The Euro also reached an unprecedented level, peaking at 308,000 Tomans. This currency volatility follows reports of increased military tensions in the Persian Gulf, including claims from the IRGC Navy that four oil tankers caught fire during oil transfers and three others were disabled by sea mines.

Domestic gold prices have risen despite a drop in global gold prices, reflecting intense internal pressure on the Rial. Since the beginning of 2024, the US Dollar has more than doubled in value against the Rial, representing a nearly 51 percent decrease in the currency's value.

Concurrently, global oil prices rose following threats of military confrontation in the region. Brent crude increased by 3.26 percent to $112.40 per barrel, its highest level since May, while West Texas Intermediate (WTI) rose to $99.62.