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The Iranian rial hit a record low of 1.81 million to the dollar amidst a US naval blockade and sanctions. Non-oil trade fell 16% in the past year and oil exports are heavily targeted by US military and financial actions.
Iran's crude oil storage at Kharg Island is rapidly filling due to a US naval blockade at the Strait of Hormuz, with experts estimating it could reach capacity within 12-22 days. This may force Iran to gradually cut production, though some analysts suggest any halt would be a choice rather than a necessity. The blockade targets Iran's oil revenue, but Tehran still has millions of barrels in floating storage and could delay major production cuts.