On Monday, Iran emphasized that it has full control over the Strait of Hormuz. This announcement comes as the value of the rial has plummeted to its lowest level, and the country's oil minister, Mohsen Paknejad, has reported a critical economic situation and a drop in oil exports on the verge of resignation.
Iran's Oil Export Situation
The Iranian oil minister announced in a video that revenue from previously sold oil will be collected, and this process will continue. However, this resignation has been attributed to "family and personal reasons" following a severe drop in oil exports below the government's financial needs. According to Scott Basset, the U.S. Treasury Secretary, Iran did not load any barrels of crude oil onto tankers in September.
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The ship tracking company, Kpler, recorded crude oil exports from other countries in the region at between 19.5 to 22.5 million barrels per day in the last week of September, which is above the pre-war average in the region of 18 million barrels per day.
Iran's Economic and Political Challenges
While the Iranian oil minister announces his resignation, the value of the euro in Iran's unofficial market has surpassed 300,000 tomans, and the U.S. dollar has reached a record 270,000 tomans. This figure is more than double its level at the beginning of this year. At the time of the Islamic Revolution in 1979, the value of the U.S. dollar was about 7 tomans.
Ali Abdollahi, Chief of Staff of the Iranian Armed Forces, warned international organizations and reacted to the Israeli Prime Minister's visit to the United Arab Emirates. He stated, "If Israel makes another miscalculation and starts another war, the wrath of the armed forces will crush its wishes and dreams."
Abbas Araghchi, Iran's Foreign Minister, told diplomats in Tehran that this conflict has no military solution. He emphasized, "Only negotiations based on justice and fairness can provide a way to end this conflict." Araghchi also stated that the Strait of Hormuz could be fully reopened and transportation could return to normal if Tehran's conditions are met and hostile measures are lifted.
Mohammad Baqer Qalibaf, Speaker of the Islamic Consultative Assembly, announced that Iran has received proposals from Washington through intermediaries but is not willing to accept unilateral demands. He added, "The position of the Islamic Republic of Iran is completely clear and definite, and as long as our seven conditions based on the Islamabad memorandum are not met, the Strait of Hormuz will not be reopened."
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