Recent US sanctions under the Trump administration's "Operation Economic Outcast," including targeted measures on financial networks, shipping, and secondary actors, combined with a naval blockade restricting oil exports, have driven the unofficial USD/IRR rate to record levels near 2.07–2.08 million as of late August. Persistent high inflation at 66% and sharply reduced crude shipments to China sustain depreciation pressure on the rial. Diplomatic mediation efforts focused on reopening the Strait of Hormuz and limited additional sanctions announcements introduce near-term uncertainty. With the September resolution window approaching, trader consensus remains split between further weakening above 2.2 million and stabilization in the 2.0–2.1 million range, reflecting the balance between sustained economic isolation and any potential de-escalation signals.