Iran insists it controls Hormuz as rial hits record low and exports dry up
Iran's military said on Monday that it retained full control of the Strait of Hormuz, and Foreign Minister Abbas Araghchi said the strait could be fully reopened and shipping restored within seven days if Tehran's conditions were met and hostile measures lifted. US Treasury Secretary Scott Bessent said Iran had not loaded any crude oil onto tankers in September, and Oil Minister Mohsen Paknejad resigned, a departure officially attributed to family and personal matters. The rial fell to record lows, with the US dollar hitting 270,000 tomans on the informal market, and Parliament speaker Mohammad Bagher Ghalibaf said the Strait would not be opened until seven conditions based on the Islamabad memorandum are met.
Why it matters: The halt in Iranian crude loadings and the dispute over the Strait of Hormuz put energy security and maritime chokepoint risk at the centre of the briefing.