US Iran War Ceasefire Live Updates: Iran rial crashes to record low as economic strain deepens
US-Iran-Israel War Ceasefire Live Updates: Iran’s economic strain has come into sharp focus, with the rial plunging to a record low of 1.8 million to the US dollar despite a fragile ceasefire. The slide is expected to worsen inflation and deepen pressure on households and businesses already hit by weeks of bombardment and disrupted trade.
In Washington, US Defence Secretary Pete Hegseth is set to testify before Congress in his first appearance since the war began, with lawmakers expected to scrutinise the cost of the conflict, civilian casualties and the administration’s proposed $1.5 trillion defence budget. General Dan Caine will also testify.
The conflict’s political dimension is intensifying, with US President Donald Trump facing a May 1 deadline under the War Powers Resolution to either secure congressional approval for the war or withdraw forces. Trump has maintained a hard line, saying Iran has been “militarily defeated” and warning Tehran to “get smart soon”.
On the diplomatic front, Iran has reportedly proposed a phased reopening of the Strait of Hormuz in exchange for an end to the US blockade, as global pressure mounts to restore a key energy route. However, uncertainty remains over Washington’s response.
Tensions persist on the ground despite the ceasefire. The Israeli military said it eliminated a militant figure and exposed an underground Hezbollah tunnel network in southern Lebanon, while earlier strikes in the region have continued to raise concerns about the durability of the truce.
Iran has also stepped up its international messaging, urging the International Olympic Committee to suspend Israel’s sporting activities over attacks that it says have killed athletes and damaged facilities.
Beyond the battlefield, the war’s ripple effects are being felt globally. Oil prices have surged, with Brent hovering around $112 and West Texas Intermediate above $100, while higher fuel costs are reshaping aviation economics, making sustainable aviation fuel relatively more viable despite supply constraints.
With economic pressure mounting in Iran, political scrutiny rising in the US, and ceasefire conditions remaining fragile, the situation remains fluid as both sides weigh their next moves.