A report issued by the U.S. Treasury Department says that the naval blockade, sweeping economic sanctions, and disruption of land export routes have intensified pressure on Iran’s economy and restricted Tehran’s ability to generate revenue.
According to the report’s summary, U.S. measures have caused the Iranian currency to lose approximately a quarter of its value since the operation began last August. In October, the rial hit a record low on the unofficial market, with the U.S. dollar trading at around 2.687 million rials.
The currency’s decline reflects growing pressure on Iran’s economy and financial system, eroding purchasing power and increasing the cost to the government of obtaining goods and services from abroad.
Inflation Hits 90% as Oil Loading on Tankers Comes to a Halt
The report said Iran’s annual inflation rate reached 90% in September, compared with approximately 35% in early 2025.
It added that Iran has not loaded any oil onto tankers since August 25 because of the blockade and sanctions. Tehran has also sold the remaining oil stranded at sea, according to Kpler, a company specializing in tracking maritime trade.
According to the report, the U.S. campaign aims to isolate Iran not only from oil revenues but also from international trade routes, commercial aviation, banking networks, and even cryptocurrency alternatives.
Meanwhile, Tehran’s efforts to reroute trade through land routes to circumvent the U.S. naval blockade are facing major obstacles along its borders with Pakistan, Turkey, Afghanistan, and Turkmenistan.
Thousands of trucks are reportedly waiting at the Turkish border, facing delays of up to 20 days, while hundreds of other trucks are experiencing similar waiting times at the Pakistani border.
“Economic Outcast Operation”: Treasury-Led Pressure Campaign
U.S. Treasury Secretary Scott Bessent is leading the economic pressure campaign, dubbed the “Economic Outcast Operation.” Bessent is considered one of President Donald Trump’s closest advisers and has urged him to give the initiative more time to achieve its objectives rather than rushing to resume military operations.
As was the case before Operations Midnight Hammer in June 2025 and Epic Fury in February, Trump is pursuing two parallel tracks: seeking an agreement to resume peace talks while preparing for the possibility of renewed large-scale military operations after the midterm elections.
The Treasury Department’s campaign, launched in late August, represents a third track in Washington’s approach to Iran. U.S. officials believe it needs more time to intensify pressure on the regime and potentially push Iran’s leadership to make concessions at the negotiating table.
Trump Briefed on Blockade and Economic Pressure
Meanwhile, Trump met on Thursday with senior national security and foreign policy advisers to discuss the war.
During the meeting, Admiral Brad Cooper, commander of U.S. Central Command, which oversees American forces in the Middle East, briefed the president on the details of the ongoing naval blockade. Bessent also reviewed developments in the economic pressure campaign.
A U.S. official was quoted as saying that Bessent is telling the president the economic pressure campaign is producing results and that conditions in Iran are deteriorating, potentially increasing pressure on the regime and prompting the supreme leader to agree to a deal.
As part of the economic measures, countries in the region have imposed restrictions on Iranian airlines and canceled flights to Iran, while Iranian banks are facing additional restrictions in several regional countries.
The U.S. Treasury Department is also targeting cryptocurrency trading platforms used by Tehran to circumvent sanctions.
