Iran’s currency hits record low
Iran’s currency, the rial, hit a record low on Wednesday.
Traders in the Tehran market exchanged 2.20 million rials for one US dollar. That was nearly 10% higher than last week’s record, set on August 25, when one dollar was sold at 2.02 million rials.
The currency had already been under pressure before the U.S. and Israel attacked Iran on February 28 as Iran battled double-digit inflation and negative growth.
The rial has repeatedly hit new lows since the conflict started more than six months ago. The troubled currency has lost about half of its value in a year of tightening US sanctions and American and Israeli attacks.
Key events
We’re closing this blog – here are our latest full reports:
We’re pausing this live coverage of the Middle East crisis now but you can read our latest full report here.
The day so far
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Donald Trump said that while the US is prepared to attack Iran again “any time we want”, he doesn’t think the renewed campaign against Iran would last “too long”. He also declined to comment on how serious he was about wanting to rename the strait of Hormuz after himself.
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The Iranian foreign ministry spokesperson, Esmail Baghaei, accused the US of committing a war crime following a reported deadly strike that hit a wedding party in southern Iran, killing at least four people, including a four-year-old child, and injuring 68 others.
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Washington has still made no official comment on the attack. A spokesperson for US Central Command, Tim Hawkins, said the US was aware of reports of civilian casualties, but said the “US military never targets civilians”. He told the Associated Press the US military was looking into the reports of the strike on a wedding, but would not say if the military had launched a formal investigation.
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The Iranian Red Crescent has written to the international criminal court (ICC) calling for legal action to be taken against the US following the attack, which is said could constitute a war crime. In the letter, the Iranian Red Crescent said: “Given the reported civilian character of the location as the venue of a family wedding ceremony, as well as the presence of civilians at the site, the incident raises serious concerns under international humanitarian law and warrants an independent, impartial, thorough, and effective investigation.” It added: “Should an independent investigation establish that the wedding venue and the persons present therein were of a civilian character, that no lawful military objective was present at the location, or that the attack was carried out without due regard for the requirements of distinction, proportionality, and precautions in attack, the incident may constitute a serious violation of international humanitarian law and, where the requisite elements are established, a war crime.”
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Meanwhile, Benjamin Netanyahu has said that Israel’s mission in Iran is “not yet finished”. “All of our systems under my direction are working to overthrow this regime,” the Israeli prime minister told i24News’s Hebrew channel. “Our pilots were there and they can be there at at any moment. We have not yet finished the job. We can be there at any moment. We will defeat this regime.” Asked what defeat meant, Netanyahu said: “We will bring it down. It’s already on its last legs anyway.”
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Earlier, his defence minister, Israel Katz, had said the IDF is ready to respond “with great force” if Iran attacks Israel, amid the renewed fighting between the United States and Iran. And his foreign minister, Gideon Saar, echoed Katz’s remarks in an interview with the broadcaster France 24 that aired on Wednesday. “If we will be attacked by Iran, we will surely respond heavily, but I’m not sure that Iran will do that mistake,” Saar said. “We don’t have the plans to join the war right now.”
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And Iran’s currency, the rial, hit a record low on Wednesday. Traders in the Tehran market exchanged 2.20 million rials for one US dollar. That was nearly 10% higher than last week’s record, set on 25 August, when one dollar was sold at 2.02 million rials. The rial has repeatedly hit new lows since the US and Israel launched the conflict more than six months ago. It has lost about half of its value in a year of tightening US sanctions and American and Israeli attacks.
Netanyahu says Israel has ‘not yet finished the job’ with Iran
Further to that, Benjamin Netanyahu has said that Israel’s mission in Iran is “not yet finished”.
“All of our systems under my direction are working to overthrow this regime,” the Israeli prime minister told i24News’s Hebrew channel.
It had been his intention to collide with Iran to ultimately “bring it down”, he said, adding:
Our pilots were there and they can be there at at any moment.
We have not yet finished the job.
We can be there at any moment. We will defeat this regime.
Asked what defeat meant, Netanyahu said: “We will bring it down. It’s already on its last legs anyway.”
Earlier, we reported that the Israeli defence minister, Israel Katz, had said his military is ready to respond “with great force” if Iran attacks Israel, amid renewed fighting between the United States and Iran.
Speaking at a conference hosted by the Israeli news outlet Ynet, Katz said:
We do not want to be caught off guard; we are prepared. It must be understood: the IDF [Israel Defense Forces], including the air force, is prepared to strike in Iran.
If they attack us, we will respond with great force, without relying on anyone.
Since launching the war on Iran alongside the United States in late February, Israel has largely stayed on the sidelines of recent clashes between the US and Iran.
The Israeli foreign minister, Gideon Saar, said that would likely remain the case, while echoing Katz’s remarks in an interview with the broadcaster France 24 that aired on Wednesday.
If we will be attacked by Iran, we will surely respond heavily, but I’m not sure that Iran will do that mistake.
We don’t have the plans to join the war right now.
Iran retaliates after US strikes reportedly kill wedding guests – podcast
Iran has accused the United States of a “war crime” after a missile blast killed at least four people, including a young child, and injured 68 at a wedding at a private house in southern Iran.
A month-long uneasy truce between the US and Iran appears to have collapsed again, after US strikes on Saturday on Larak Island in the strait of Hormuz. Iran has responded by launching drones and missiles on US bases across the Middle East, including the Gulf States.
In today’s edition of The Latest podcast, Lucy Hough speaks to Middle East correspondent Will Christou. Also available on YouTube.
The funeral for those who were killed in the US strike on a wedding ceremony in Kuhestak in southern Iran on Tuesday night is scheduled to take place on Thursday, according to the Fars news agency, citing the IRGC public relations office in Hormozgan province.
The state news agency IRNA and state TV said two women and two children, aged 4 and 16, were killed, and at least 68 were wounded when a US missile hit a home where dozens were gathered to celebrate the wedding of a fisherman’s daughter.
US Central Command spokesman Captain Tim Hawkins told the Associated Press the US military was looking into the reports of the strike on a wedding. He would not say if the military had launched a formal investigation.
Trump also brushed off a reporter’s question about how serious he is about wanting to rename the strait of Hormuz after himself.
Trump also told reporters that he had brought up the issue of price gouging in a meeting with oil and gas executives on Tuesday, adding that he wanted retail gasoline prices to come down.
It is worth noting that as Trump touts last night’s “heavy attack”, Washington has still made no official comment after at least four people were killed and 68 injured after shrapnel from a US missile reportedly hit a home where a wedding was being held in Sirik, southern Iran.
The Iranian foreign ministry spokesperson, Esmail Baghaei, has accused the US of committing a war crime. The Associated Press reported earlier the US military said it was aware of the allegations but that it “never targets civilians”.
Trump says US prepared to attack Iran again ‘any time we want’
Trump also claimed that Iran was trying to rebuild radar and missile systems, along with a rocket that drops mines. “We took it out,” he told reporters in the Oval Office.
“We hit them last night because they took a shot at our base in Jordan,” he went on. “We hit them hard last night. They gave a little love-tap, but we hit them hard.”
He said the US military had “taken out” the new equipment that Iran was building along the strait of Hormuz, “some defensive, some offensive.”
The US president added:
We blew up much more than their radar last night, it was a very heavy attack last night. And we’re prepared to do another one any time we want.
Trump says renewed US campaign against Iran won’t last long
Asked how long his renewed campaign against Iran might go on for, Trump replied briefly: “I don’t think too long.”
He also said of oil prices, which went up again to $95 a barrel: “They’ll come down.”
And given his claims about “decimating” Iran’s military, he was asked what is left to strike and why?
Trump didn’t answer directly, instead claiming that the United States has “very strong control” of the strait of Hormuz.
We are controlling the Hormuz strait, we are bringing lots of boats out everyday with millions of barrels of oil.
We are for the most part doing it without trouble, every once in a while they shoot a drone and we knock it down. We have control, very strong control.
Speaking of Donald Trump, he’s currently speaking to reporters in the Oval Office as he meets with US travel executives. He’ll likely be asked about Iran and I’ll bring you all the relevant lines here.
Victoria Bekiempis
Donald Trump’s suggestion of renaming the strait of Hormuz after himself – which he has no authority to do – has prompted criticism from US Democrats.
“No need for more renaming bodies of water here. Americans already call this entire fiasco TRUMP’S WAR,” Senate minority leader Chuck Schumer said on X. “Trump cares more about feeding his ego than helping the American people who are crying out for help. They want lower health care costs, lower gas prices and grocery bills, and for our troops to come home.”
Schumer’s post included a link to Trump’s Truth Social missive from earlier today where he said: “Now that we have it under U.S.A. control, should we change the name Hormuz Strait to TRUMP STRAIT???”
Trump also said: “Like America itself, it would be ‘hotter’ than ever before!”
It comes after his efforts to rename the Gulf of Mexico and Lake Ontario to the Gulf of America and Lake America, respectively.
Iran has blacklisted more ships from sailing through the Strait of Hormuz.
According to reporting by Reuters, Tehran has deemed another 11 ships to be non-compliant with rules it has imposed on using the major shipping passage. Iranian authorities said the listed vessels could be subject to fines, confiscation or detention if they attempt to pass through the strait.
The update was made via the website of the Persian Gulf Strait Authority (PGSA), a body set up by Iran to manage the strait, increasing the total number of blacklisted vessels to 56.
The restrictions are likely to further constrain efforts to export oil via the strait, which before the war handled about 20% of global oil and liquefied natural gas shipments but has since seen traffic reduced mostly to a trickle.
