Iran announces new natural gas discovery as war and US sanctions hamper production

On 24 August 2026, Iran announced a new natural gas discovery, described by WION as an 'enormous' field in the south of the country, while the war and US sanctions hamper its production. The announcement came as Iran's rial fell to a record low ahead of new US sanctions that MS NOW said the US was preparing as an 'economic D-Day'. Bloomberg reported that Iranian oil cargoes are drying up and that fuel shortages are causing lines at pumps, and Dawn wrote that Iran is preparing to raise petrol prices.

Iran's foreign ministry spokesman Baghaei warned against cooperation with the US and vowed to counter economic sanctions, and Iran said it will retaliate against countries that cooperate with fresh US sanctions. Der Spiegel reported that President Pezeshkian openly admitted economic problems. Iran also offered Iraq an export route, though shipping risks remain, and India's rupee traded at 95.64 against the dollar with Iran sanctions and crude prices in focus.