The Iranian rial depreciated to record lows against the USD in late April 2026, surpassing 1.8 million rials per dollar on black markets amid a US naval blockade of key ports and intensified Treasury sanctions targeting shadow banking networks and oil exports through the Strait of Hormuz. This followed a March conflict with the US and Israel, whose shaky ceasefire prompted a rush for hard currency, fueling inflation above 50% and economic contraction estimated at 6%. Official rates remained around 1.3 million, but traders focused on free-market benchmarks like Bonbast.com for resolution on April 30. Ongoing US sanctions designations and ceasefire talks pose risks for further volatility.