Iran Hormuz tolls drop to $1.3 million as rial sinks to record low

Iran Hormuz tolls crippled by sanctions

U.S. Treasury Secretary Scott Bessent told Fox News that Iran has collected a pittance of ↓ $1.3 million in Iran Hormuz tolls, far below its pre‑war daily oil earnings. The figure reflects Tehran’s failed gamble to fund its war effort by charging ships that avoid U.S. and Israeli flags.

Washington’s nine‑point plan, rebuffed by Tehran’s 14‑point counteroffer, demands the removal of sanctions, an end to the naval blockade, and a full withdrawal of U.S. forces. Iran’s reply, routed through Pakistan, omitted any reference to its nuclear enrichment program, signaling a tactical delay.

“They have not yet paid a big enough price for what they have done to humanity,” President Trump wrote on social media, casting doubt on any imminent deal.

Meanwhile, the Strait of Hormuz remains a flashpoint. Iran’s deputy parliament speaker Ali Nikzad, speaking on Larak Island, reiterated that any non‑U.S./Israeli vessel may pass only after paying a toll, a policy the U.S. warns could trigger sanctions on paying parties.

The economic fallout is stark. The rial slumped to ↓ 1,840,000 rials per dollar on Tehran’s main exchange hub, a record that fuels daily protests and factory shutdowns. Analysts cite Reuters and Bloomberg for data on oil storage filling up and the looming shut‑in of wells.

Human‑rights groups also urged the release of Nobel laureate Narges Mohammadi for urgent medical care, underscoring the war’s widening humanitarian toll.

Dispatch from: Eleanor Cross

Chief Washington Correspondent