US sanctions targeting Iranian oil exports and shadow banking networks, combined with the lingering effects of 2026 regional conflict and Strait of Hormuz disruptions, continue to limit Tehran's foreign currency inflows and sustain high domestic inflation. These pressures have driven parallel-market depreciation of the rial, with recent USD/IRR rates hovering near 1.37–1.76 million depending on the source and market segment. Fiscal deficits financed through monetary expansion and reduced access to global trade further compound the currency's weakness. Any near-term diplomatic progress on nuclear issues or shifts in enforcement could ease or intensify these constraints before the June 30 resolution window closes.