This 100, 000 Iranian rials banknote would have been worth about $1450 in 1978 before the Islamic Revolution , but today Iranians needed more than 19 of these banknotes to buy one US dollar only . On Aug 1 , 2026, the open-market (black market) exchange rate for one U.S. dollar traded at approximately 1,900,000 to 1,920,000 Iranian Rials as inflation rate surged to approximately 87.9% to 88.6% in mid 2026
- IRAN WAR: President Donald Trump is signaling that the U.S. is in no rush to resolve the war with Iran and will try to pressure the country economically just days after saying a deal to end the conflict was imminent.
- AOC TALKS 2028: Rep. Alexandria Ocasio-Cortez, D-N.Y., says she hasn’t ruled out a potential run for president or the Senate in 2028, echoing remarks she has made while campaigning for congressional candidates.
- MILLER CONTROVERSY: Sen. Jim Banks of Indiana is the latest Republican to say embattled Rep. Max Miller, R-Ohio, who is facing abuse allegations, should drop his re-election bid and resign “if the allegations are true.” Miller has vehemently denied the allegations and is not facing any charges.
U.S. President Donald Trump has signaled he’s prepared to let economic pressure take its toll on Iran rather than launching further military strikes, as Tehran insists the Strait of Hormuz will only reopen if Washington agrees to several conditions.
Trump, who last week projected confidence in an imminent deal between Washington and Tehran, told Axios on Sunday that he is prepared to wait for economic distress to mount in Iran, backing away from a renewed military offensive.
“We are low-keying it,” Trump said, “We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money.”
The president also posted a chart on Truth Social showing the plunging value of the Iranian rial between 2025 and now, with the title “Iran has no money” and “currency is trash” in text.
Iranian officials have set out sweeping demands to their American counterparts for reopening the Strait of Hormuz.
A senior Iranian official confirmed to MS NOW on Monday that Tehran’s position is that the U.S. must meet all of the conditions Iran contends are in the memorandum of understanding that the two countries signed in June.
Iran says Strait of Hormuz blockade cannot be lifted through diplomacy
Iran said Monday that its blockade of the Strait of Hormuz cannot be lifted through diplomacy.
Asked in a press briefing about a possible resolution to the situation in the strategic waterway, Foreign Ministry Spokesperson Esmail Baghaei said: “Diplomacy is certainly part of our struggle to safeguard our national interests. But when dealing with a side that insists on the use of force, a maritime blockade is not a diplomatic action that we can lift through diplomacy.”
“Certainly, you have to use authority and military power, along with diplomacy, to prevent the United States’ aggression, and that is what is being done,” he added.
Iran and Oman are engaged in negotiations over the strait’s future, but Baghaei said it will not reopen until the U.S. lifts its blockade of Iran’s ports.
Oil prices rise with no deal in sight to reopen Strait of Hormuz
Oil prices gained close to two percent Monday as the United States and Iran remained deadlocked over a deal to reopen the Strait of Hormuz to Gulf tanker and cargo traffic.
Crude prices extended gains after Iran’s Revolutionary Guards warned Sunday that they would not reopen the strait until Washington complied with demands including compensation for war damage.
“The Iran conflict remains a key source of concern for markets, with a lasting resolution seeming a distant prospect at this point,” said AJ Bell investment director Russ Mould.
Tehran insists on retaining control of the waterway through which about one-fifth of the world’s oil and liquefied natural gas pass, and wants to charge tolls for passage, a demand U.S. officials have rejected.
Iran insisted it was not engaged in discussion with the U.S.
Iranian Foreign Minister Abbas Araghchi told journalists on Sunday that Tehran is not engaged in any negotiations with the United States.
“Yes, there is an exchange of messages through intermediaries, but this is not called negotiations,” he said.
Araghchi said there was “no possibility” of resuming negotiations until the U.S. “compensates” for its violations of the memorandum of understanding.
Trump says U.S. is “semi-negotiating” with Iran
President Trump said on Sunday that the U.S. is “low-keying” negotiations with Iran and signaled a willingness to allow economic pressure to mount on the Islamic Republic.
“We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money,” Mr. Trump told Axios during a phone interview.
He said Iran is in “very bad shape” and that the U.S. blockade on the Strait of Hormuz has exacerbated the country’s economy.
“It will work out. It always works out. It’s like a chess game,” Mr. Trump said.
Iran-backed Houthi rebels strike port city on Red Sea twice in 24 hours
Iranian-backed Houthi rebels in Yemen attacked the government-held port city of Mocha late Sunday night. It was the second attack on the Red Sea coast city in less than 24 hours.
A Houthi military source told the Houthi-controlled Al-Masirah TV that the attack targeted weapons depots and Saudi troop concentrations.
A statement from the Yemeni Armed Forces posted on X said residential neighborhoods were targeted by ballistic missiles and drones in the attack, and that air defense systems managed to intercept some of the drones.
Drones and missiles were also used during the earlier attack on Sunday. The Yemeni government-allied National Resistance Forces said at least seven people – four troops and three civilians – were killed and 15 civilians were injured in that strike.
Fayed al-Noman, the information ministry’s assistant undersecretary, said the attack severely damaged port buildings and piers as well as commercial goods and food supplies. The military later said missiles landed in several areas, including near a television station.
Mocha is a main port under Yemen’s internationally recognized government and has been renovated to handle shipping that avoids the Houthi-held port of Hodeida.
The Houthis said they targeted military forces and warehouses.
Yahya Saree, a Houthi military spokesperson, said they also targeted an Aramco refinery in the Saudi city of Jazan with a drone in response to Saudi drones breaching Yemen’s airspace over Hajjah and Saada provinces.
CBS/NBC
