Iran raises third-tier gasoline price to 100,000 rials per liter
Iran’s government spokeswoman said the price of gasoline purchased with fuel-station cards would rise to 100,000 rials, or about 4.5 US cents, per liter from Tuesday, while the existing monthly quotas would remain unchanged.
Fatemeh Mohajerani said the first 60 liters would remain priced at 15,000 rials, or about 0.7 cents, per liter, while the next 50 liters would remain at 30,000 rials, or about 1.3 cents, per liter.
She said different figures had been discussed in expert meetings, but the 100,000-rial rate was set in light of a promise by President Masoud Pezeshkian, adding that revenue from the increase would be used to support people’s livelihoods.
“There’s probably only about 30 million barrels of Iranian crude oil left that China hasn’t bought,” Bessent said. “So that will run out soon, and there will be no problem with China buying because they have no product.”
Bessent described the pressure campaign, dubbed “Operation Economic Outcast,” as the largest effort to isolate a country economically and said Washington intended to “asphyxiate” Iran’s ruling establishment.
“The blockade is working like nothing we’ve ever seen, and the combination - everyone says sanctions don’t work - but I can tell you, blockade and sanctions are one of the most powerful one-two punches in the history of economic isolation,” he said.
Asked about his prediction that the Strait of Hormuz would become irrelevant to the oil industry within two years, Bessent said oil-producing countries around the Persian Gulf were developing “alternative pipeline routes that will no longer entail oil going through the Strait of Hormuz.”
Bessent also rejected the suggestion that Iran controlled the waterway.
“The Iranian chokehold, to the extent they have one - and I can tell you, they do not have one - we are in control of the strait,” he said. “To the extent that they can threaten their neighbors, once we leave, that will not exist anymore.”
Iran’s Economy Ministry has established an “economic war” command center to coordinate and accelerate responses to economic problems caused by the conflict, deputy economy Minister Morteza Zamanian said on Sunday.
He acknowledged that higher energy prices caused by the conflict were affecting Americans but predicted that the shock would end and wage growth would continue.
“This war will end, and those will turn into real wage gains,” Bessent said.
He added that the administration expected the conflict to leave Iran unable to develop a nuclear weapon.
“I think we are going to get to the other side of this Iran conflict with a safer world, with an Iran that cannot have a nuclear weapon,” he said.
The United States imposed a naval blockade in July alongside expanded sanctions aimed at restricting Iran’s oil exports and cutting a key source of government revenue.
Iran’s Economy Ministry has, meanwhile, established an “economic war” command center to coordinate and accelerate responses to economic problems caused by the conflict, Deputy Economy Minister Morteza Zamanian said on Sunday.
The center will initially focus on problems affecting businesses, trade and financing within the ministry’s authority, while using government economic bodies to coordinate responses across agencies, he added.
The apartments are at 3a Palace Green, an exclusive development overlooking Kensington Palace and close to the official London residence of the Prince and Princess of Wales. Both properties include staff accommodation and private roof terraces, according to the report.
One is a five-bedroom duplex covering 3,944 square feet across the sixth and seventh floors. It was purchased for £19 million in 2016 but is now being offered for just under £12 million.
Knight Frank and Sotheby’s International Realty are jointly marketing the apartment. The listing describes it as “an exceptional duplex penthouse with staff accommodation and commanding unrivalled views across Kensington Gardens from one of London’s most prestigious addresses.”
The brochure does not identify its politically sensitive connections but notes: “Due to the property being in receivership, we do not have all of the material information for the property; therefore you should ensure you make all relevant inquiries,” the report said.
The second penthouse occupies the seventh and eighth floors of the same building. It was bought for £16.75 million in 2014 and has also entered receivership.
Land Registry documents show that financial advisory firm Teneo was appointed as its receiver, the report said, adding that the apartment does not appear to have been publicly listed, leaving its asking price unknown.
Several prospective buyers are believed to have viewed the properties amid significant interest, according to The Sunday Times.
The registered owner of both apartments is Iranian banker Ali Ansari, whom the US Treasury sanctioned in July as a “key financier” for Khamenei. Washington said Ansari “oversees a sprawling global network of assets benefiting Iran’s leader, Mojtaba Khamenei, and other regime elites.”
Ansari was previously sanctioned by Britain over allegations that he financed the Islamic Revolutionary Guard Corps. His British assets were frozen, and he was barred from entering the country. He is understood to deny wrongdoing.
The British government is believed to have authorized the sale of the two apartments after Ansari defaulted on their mortgages, according to The Sunday Times. The private lenders that financed the purchases appointed receivers to recover their money, although the amount originally borrowed is not known.
Any proceeds remaining after the lenders are repaid are expected to be frozen while Ansari remains under sanctions.
Neither Khamenei nor Ansari has been seen by employees at the Palace Green development since the apartments were purchased, the newspaper reported.
Since his father was killed in US-Israeli airstrikes in February, Mojtaba Khamenei has not been seen or heard publicly, leaving his condition and circumstances unclear.
Sequences of Copernicus satellite images comparing the months before the war with the period under the blockade show a striking change at both ports.
At Shahid Rajaee near Bandar Abbas, pre-war images show vessels occupying multiple berths and denser use of the container terminal, while later images show far fewer ships and large sections of the port appearing largely inactive.
Copernicus satellite images from January 2, 2026 and September 4, 2026 show Shahid Rajaee Port near Bandar Abbas before the war and during the US blockade, with far fewer vessels visible at its berths in the later image.
Shahid Rajaee is Iran’s most important export port and, after Imam Khomeini Port, its second-largest gateway for imports. It is also the country’s largest container port, handling nearly 80% of Iran’s container loading and unloading, according to official figures.
A similar pattern is visible at Imam Khomeini Port in southwestern Iran, the country’s largest import gateway, where satellite imagery shows markedly reduced vessel presence and terminal activity compared with the period before the conflict.
Copernicus satellite images from February 25, 2026 and September 5, 2026 show Imam Khomeini Port in southwestern Iran before the war and during the US blockade, with a marked decline in visible vessel and terminal activity.
The images provide a visual measure of the disruption at ports that are critical to Iran’s economy. Shahid Rajaee handles more than 55% of Iran’s imports and exports and an estimated 85% to 90% of its container trade, according to Iranian port data.
Imam Khomeini Port plays a particularly important role in imports of food and other basic commodities. Iran’s Ports and Maritime Organization said the port handled more than 48 million tons of cargo in the year ending March 2025, including 19.2 million tons of imported goods.
The satellite evidence reinforces other indications that the blockade is increasingly biting. Video published from Shahid Rajaee in late August showed no ships docked and little apparent loading or unloading activity.
Iran International reported in July that activity at the port had been reduced to a minimum, with thousands of containers stranded and about half of its workforce laid off.
Iranian officials have also increasingly acknowledged the economic impact. President Masoud Pezeshkian said in late August that blocked routes were preventing goods, including gasoline, from entering the country.
Reuters reported this week that Iranian trade had fallen by as much as 35% amid the blockade and intensified sanctions, while gasoline supplies had tightened sharply.
The effect has been even more pronounced on Iran’s oil trade. Iranian crude loadings fell from around 2 million barrels per day before the war to roughly 220,000–255,000 bpd in August, according to shipping data cited by Reuters.
Washington says the blockade can be sustained indefinitely. As of Aug. 23, US Central Command said its forces had redirected 70 commercial vessels attempting to breach it, while three had been disabled and two boarded.
Iran’s foreign trade has contracted sharply since the conflict with the United States began, with non-oil exports and imports falling by around a quarter or more, according to customs data released after months of delay.
Iran exported about $15 billion worth of non-oil goods, including natural gas and LPG, through August 16, nearly five months into the Iranian calendar year that began on March 21. That was nearly 30% below the figure reported for the first five months of the previous year.
Imports fell to about $17 billion over the same near-five-month period, about a quarter below the full five-month figure reported a year earlier.
The figures show a sharp deterioration in Iran’s trade during a conflict that has disrupted key industries and shipping routes, adding to an economy already struggling under years of sanctions, declining oil revenues and chronic shortages of foreign currency.
