Iran insists it controls Hormuz as rial hits record low and exports dry up

Iran maintains full control over the strategically vital Strait of Hormuz, despite escalating tensions and a collapsing economy, according to senior military officials. The rial, Iran's official currency, plummeted to record lows, falling to over 270,000 tomans per US dollar, more than double its value at the start of the year. US Treasury Secretary Scott Bessent stated on Thursday that Iran had not loaded a single barrel of crude oil into tankers in September, alleging that the US-led sanctions have effectively halted the country's oil exports.

Iran's Oil Minister Mohsen Paknejad resigned amidst the turmoil, citing "family and personal matters," although speculation points to the worsening economic situation.

The military's commander, Brigadier General Aziz Jafari, emphasized Iran's control over the strait, stating that all movements within Hormuz are under the jurisdiction of the Islamic Republic's armed forces. He warned that if hostilities resume, Iran's military response would be "firmer than before." Foreign Minister Abbas Araghchi reiterated that the conflict lacks any military solution and called for negotiations based on justice and fairness, emphasizing that Iran will only reopen the strait once Tehran's seven conditions are met and hostile actions cease.

The UK Maritime Trade Operations reported at least one attack daily in the Strait of Hormuz and the Gulf of Aden since October 2. Despite these challenges, Iran's acting oil minister pledged to maximize production and continue exports through innovative strategies.