Ongoing geopolitical tensions from the 2026 Iran conflict, including July incidents in the Strait of Hormuz and associated U.S. strikes, continue to constrain Iran's oil exports and access to foreign currency under sustained sanctions. These pressures, compounded by chronic inflation and limited revenue inflows, underpin trader focus on exchange rate ranges near recent unofficial market levels around 1.9 million rials per dollar. The close contest between leading bins reflects uncertainty over whether the recent pause in strikes signals stabilization through potential diplomatic channels or risks renewed escalation that could further restrict trade and widen devaluation. Scheduled negotiations or shifts in enforcement could widen spreads by altering revenue outlooks before month-end.