Iran on the brink – Turkey takes tough measures against Tehran

Amid increasing US pressure on Iran, Turkey has begun closing Iranian banks, intensifying Tehran's financial isolation. The Iranian rial has hit a historic low, dropping below 2.5 million to the dollar. The US controls the Strait of Hormuz, restricting Iranian oil exports. The UAE has also cut trade ties with Iran. The Wall Street Journal warns of possible escalation ahead of the US midterm elections.

Economic pressure on Iran is intensifying on multiple fronts. The US continues to restrict the country's oil exports, while Turkey, according to reports, has begun closing Iranian banks, further deepening Tehran's financial isolation. Against this backdrop, the Iranian rial has hit a historic low, falling below 2.5 million to the dollar. For comparison, at the beginning of 2018, one dollar was worth about 35,000 rials. As the Wall Street Journal writes, the US Navy and US Central Command, led by Admiral Brad Cooper, have achieved changes in the situation around the Strait of Hormuz. Currently, ships pass through it freely, except those linked to Iranian oil exports. According to data from Kepler, about 14.19 million barrels of oil pass through the strait daily, close to pre-war levels. Meanwhile, Washington is increasing pressure on countries trading with Tehran. US Treasury Secretary Scott Bessent stated that Iran could send its last shipment of oil to China as early as mid-October. The UAE has cut trade ties with Tehran. Restrictions also affect air travel. Richard Goldberg, a representative of the Foundation for Defense of Democracies, said the US controls the Strait of Hormuz. At the same time, according to the British Maritime Trade Operations Center, three successful attacks by Iranian vessels have been recorded. The Wall Street Journal warns of possible escalation ahead of the US midterm elections.