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12:16

Iranian Currency Hits New Low As US Pressure Intensifies

A currency dealer holds Iranian Rial in the Grand Bazaar in Tehran on August 17.

Iran's rial fell to a new low against major foreign currencies on September 8 as the United States intensified military and economic pressure on Tehran.

Currency-market websites reported the dollar trading at up to 2.4 million rials later in the day, while the euro exceeded 2.7 million rials and the British pound reached about 3.1 million rials. The Emami gold coin also reportedly rose to 2.4 billion rials.

The latest depreciation came as US forces said they destroyedfive Iranian oil tankersin the Gulf and Gulf of Oman after Iran's Islamic Revolutionary Guards Corps twice targeted a US warship with ballistic missiles.

Washington also announced sweepingnew sanctions against Iran's aviation sectoron September 8, designating 36 targets and sanctioning all remaining Iranian airlines under its Operation Economic Outcast campaign. Treasury Secretary Scott Bessent warned companies doing business with Iran's airlines that they risk being cut off from the global financial system.

The currency crisis comes amid severe inflation. Iran's Statistical Center reported annual inflation of 89 percent in August, while food and beverage prices rose 127.5 percent year-on-year. Iranian lawmakers warned on August 31 that volatility in currency, gold, and coin markets was increasing economic uncertainty.

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17:06

Iran Steps Up Work At Pickaxe Mountain, Satellite Images Show

New satellite imagery shows a surge in construction at Iran's deeply buried Pickaxe Mountain complex near the Natanz nuclear facility, but the activity does not appear to indicate that Iran is currently enriching uranium there, according to anew analysisby the Center for Strategic and International Studies (CSIS).

CSIS said its analysis of six years of satellite imagery showed more road activity at Pickaxe Mountain in 2026 than at any previous point in the site's history.

Recent work included hardening tunnel entrances, paving internal roads, reinforcing access areas, and removing excavation spoil, suggesting the project has shifted from excavation toward probable construction inside the underground complex.

The researchers said the imagery could neither confirm nor refute reports that Iran moved centrifuges and centrifuge components into Pickaxe Mountain last year. But continued construction, the lack of increased internal security, and the absence of non-construction vehicles and equipment suggested the facility was "not yet capable of enrichment work," if that is its intended purpose.