Iran is currently exporting no oil, the country’s central bank chief has said, warning of tighter access to foreign exchange reserves that he said had been blocked by the US.
Abdolnaser Hemmati said Tehran faced severe restrictions on oil exports as Washington steps up economic pressure while efforts to resolve the war remain deadlocked.
“There is no doubt that we have restrictions on oil exports,” Mr Hemmati said on state television on Wednesday night.
The Central Bank of Iran governor said he had spoken to counterparts overseas and was told revenue from oil sales had “fallen to zero”. He added: “The same thing has happened to us and it is a reality that we are not exporting oil.”
Mr Hemmati said the government and central bank had prepared for the loss of oil revenue but warned that Iran’s access to foreign exchange was increasingly constrained, raising questions over its ability to sustain essential imports.
Iran is also under growing economic pressure, with the war compounding inflation, currency weakness, energy shortages and sanctions, while damaging infrastructure and disrupting trade.
The comments came after a 60-day framework agreed by Washington and Tehran expired on Monday without a broader settlement, leaving the two sides facing a growing impasse over how to end the conflict. Neither side appears ready to accept the other's conditions for a return to negotiations.
The worsening economic situation has also raised concerns in Tehran about the potential for rising public discontent.
'Grievances justified'
Mohammad Bagher Ghalibaf, Iran's Parliamentary Speaker, addressed those concerns, as he called for unity in a country that was engulfed in January by nationwide protests fuelled by worsening living standards. Thousands were killed in a crackdown on the demonstrations.
“I consider the people’s economic grievances justified and I respect all of their political and social criticisms, but these are times when the fervent gatherings in our squares must once again show the enemy the strength of our unity,” Mr Ghalibaf said.
Iranian Parliamentary Speaker
Mr Ghalibaf warned the street should not become a place for political competition, particularly as the government considers difficult economic measures. In an address to parliament, he said: “The street is not a place for election rallies, rather, it should be a place where the sacred unity and the presence of all the people are expressed.”
He warned against raising petrol prices, saying economic grievances could be exploited to create unrest and weaken national cohesion.
Mr Ghalibaf, who was Iran's top negotiator in talks with the US, also warned that “every individual or institution” whose words, actions or decisions caused public dissatisfaction or weakened national cohesion would, knowingly or unknowingly, be “playing into the enemy's hands”.
His remarks came as Tehran faced mounting economic pressure and a deepening impasse with Washington over efforts to end the conflict.
US President Donald Trump later on Wednesday announced what he called the “most crushing economic operation ever taken” against Iran.
“No one has given the Islamic Republic of Iran a greater opportunity to make a deal than me,” Mr Trump said on Truth Social. “This will be economic warfare and isolation on an unprecedented scale.”
Mr Trump also warned that countries allowing financial institutions, businesses or government entities to support Iran would face “tremendous economic consequences”, calling for an end to oil smuggling, swap lines, cash transfers and front companies.
Shipping traffic in the Strait of Hormuz was unchanged on Wednesday, with nine commodity vessels transiting the strategic waterway, according to Kpler data, while traffic through Bab Al Mandeb fell to 27 vessels from 32 the previous day.
Mr Hemmati said none of Iran’s frozen funds had yet been released under a recent understanding with Washington, adding another obstacle to efforts to break the stalemate.
