Iran announces major gas discovery as US sanctions squeeze economy

In late August 2026, Iran announced the discovery of a major natural gas field with reserves exceeding 7.5 trillion cubic feet (about 212 billion cubic meters), according to state media. The find comes as the country's energy sector struggles under US sanctions, which have also driven the Iranian rial to record lows, with the dollar trading at 2 million rials. Officials, including parliament speaker Mohammad Ghalibaf, have dismissed the impact of new US sanctions, calling them 'desperate' and predicting they will backfire on the US economy. The IRGC spokesman said Iran has a scenario to avoid the effects of the sanctions, though details were not provided.