• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Venezuela abandoning the bolivar and adopting the U.S. dollar would be the biggest currency switch since the advent of the euro, Hanke says

2

American billionaires are showing off their farmland for elaborate hobbies, but a buying spree among the ultrarich risks pricing farmers out

3

The Treasury's recent moves in the bond and currency markets add up to 'soft-form financial repression' to lower debt costs, economist warns

1

Venezuela abandoning the bolivar and adopting the U.S. dollar would be the biggest currency switch since the advent of the euro, Hanke says

2

American billionaires are showing off their farmland for elaborate hobbies, but a buying spree among the ultrarich risks pricing farmers out

3

The Treasury's recent moves in the bond and currency markets add up to 'soft-form financial repression' to lower debt costs, economist warns
EconomyIran

Iran calls U.S. sanctions support ‘act of war’ as its currency crumbles

By
The Associated Press
The Associated Press
Down Arrow Button Icon
By
The Associated Press
The Associated Press
Down Arrow Button Icon
August 24, 2026, 8:51 AM ET
Photo of Iran's currency rial
Rial sinks to record low as Iran threatens retaliation over new US sanctions.Fatemeh Bahrami/Anadolu via Getty Images
Add Fortune on Google for similar content.

Iran warned that U.S. sanctions set to be announced Monday would not bring peace to the region. Meanwhile, Israeli and Syrian officials met less than a week after Israeli strikes in Syria. And Israel said it killed a Hamas commander in Gaza.

Recommended Video

Here’s a look at the latest developments in the Iran war and the wider Middle East on Monday. Full coverage can be found here.

Iran threatens response ahead of US sanctions announcement

Iran’s Foreign Ministry spokesperson warned that Tehran would respond harshly to expanded U.S. sanctions, including measures against countries it sees as cooperating with Washington.

“Any escalation of this situation will undoubtedly bring about consequences,” Esmail Baghaei said. “Our hands are not tied.” The new head of Iran’s top security body warned Sunday that Tehran will see any country’s support for the sanctions as an “act of war.”

The expanded sanctions come after weeks of impasse. The United States has not dislodged Iran’s grip on the Strait of Hormuz, through which a fifth of the world’s traded oil passed before the war started nearly six months ago.

Iran’s demands for reopening the strait include lifting the U.S. naval blockade, withdrawing U.S. forces from the region and reparations for damages sustained in the war. It has held separate talks with Oman, on the other side of the strait, on jointly managing the waterway regardless of whether a new deal is brokered with the U.S.

Sanctions have historically raised prices of basic goods in Iran, but after decades of withstanding them, Iran’s economy has adapted through finding new trading partners and building domestic industries.

Ahead of the expected U.S. announcement, the country’s currency hit a record low on Monday.

Israeli and Syrian officials meet following an Israeli airstrike

Syrian Foreign Minister Asaad al-Shibani met over the weekend with a high-level Israeli delegation in Jordan to try to defuse tensions after Israel last week struck an air base in northern Syria, Syrian state news agency SANA reported.

The U.S.-mediated discussions on Sunday focused on restarting negotiations for a future security agreement, SANA said.

Israel struck the Abu Duhur air base in Idlib province, saying it aimed to stop Turkey — which has supported the new Syrian government’s efforts to rebuild its armed forces after 14 years of civil war — from establishing a presence there.

Syrian officials during the talks asserted the right to develop an army and freely forge alliances with any country, SANA said.

They also called for the withdrawal of Israeli forces from a buffer zone in southern Syria they have occupied since December 2024, and reiterated Syria’s stance that the Golan Heights — which Israel captured in the 1967 Mideast war and later annexed — is Syrian territory.

Israeli officials didn’t immediately comment on the meeting.

Israel says it killed another Hamas militant

Israel’s military said it killed a militant affiliated with Hamas’ special forces unit in an overnight airstrike, the latest targeted killing announced since U.S. officials met with Prime Minister Benjamin Netanyahu last week hoping to push last year’s ceasefire deal forward.

Israel says it targets and kills Palestinian militants it says participated in the Oct. 7, 2023, attack that sparked the war.

Israel has announced targeted strikes on six of the seven days since U.S. negotiator Jared Kushner’s meeting with Netanyahu.

At least 1,288 Palestinians have been killed since the ceasefire took effect last October, according to Gaza’s health ministry, part of the Hamas-run government. Its numbers are generally considered reliable by the international community.

Palestinian American says he can’t freely leave West Bank home

The Palestinian American homeowner whose residence was besieged this month by Israeli settlers said he remained unable to move freely in the village of Qusra in the occupied West Bank. Loui Ridi traveled from Ohio to join his relatives defending his home a week ago.

The Israeli military declared the area a closed zone to restore order in Qusra. Ridi said settlers returned throughout the week to the hill above his house.

Since Israeli settlers surrounded the house more than two weeks ago, preventing occupants from leaving, Israeli soldiers have encouraged them to leave but Israel’s police have not announced arrests.

The siege and Israel’s response have sparked condemnation from Israeli rights groups and foreign officials, including U.S. Ambassador to Israel Mike Huckabee, who called the violence terrorism.

Palestinians consider the West Bank, home to some 3 million Palestinians and 560,000 Israeli settlers, the heart of any future state and have condemned Israel’s expansion there. This year has seen a dramatic spike in violence carried out by Israeli settlers against Palestinians.

Fortune Daily breaks the traditional barrier between audience and newsroom. The show transforms Fortune’s trusted reporting into actionable, conversational, and entertaining insights for an emerging class of business leaders. Watch here.
About the Author
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Economy


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Economy


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.