Iran in Turmoil: Third Day of Clashes as Rial Nose-Dives
Iranian cities saw a third night of clashes as the rial hit a record low, sparking fears of broader strikes and a fresh oil-price spike.
Tehran Erupts as Currency Plummets
On the third straight day of nationwide turmoil, Iranians poured into the streets of Tehran, Isfahan and Tabriz on Tuesday night, chanting against sky-rocketing prices while riot police answered with tear gas and live rounds fired into the air. The rial crashed to a historic low of 620,000 to the U.S. dollar on the black market, wiping out salaries and igniting the most serious unrest since the 2022 protest wave.
‘We can’t breathe’—Protesters recount crackdown
In the Grand Bazaar district, shopkeepers shuttered their stalls and joined students who blocked traffic with burning dumpsters. Witnesses told The Courier that plain-clothes security forces rode motorbikes into crowds, swinging batons.
“They fired directly at us. My cousin was hit in the leg. We ran into the subway to hide,” said 23-year-old art student Sara, her voice cracking over a patchy WhatsApp voice note.
Why the rial collapsed so fast
- Renewed U.S. sanctions have scared away foreign investors.
- Oil exports—once 2.5 million barrels a day—have slumped below 1 million, starving the treasury of hard currency.
- Political uncertainty ahead of March elections has accelerated capital flight, analysts say.
Government response: blame the messenger
State TV blamed “foreign media hysteria” for the panic, while the Central Bank promised a new rate of 450,000 rial per dollar “within days.” Few on the street believe it. Currency-exchange apps showed the real-time rate ticking past 640,000 on Wednesday morning, deepening public anger.
Global ripple effects
Oil prices jumped 2.3 % to $90.40 a barrel on fears the unrest could disrupt shipments through the Strait of Hormuz, through which a fifth of the world’s crude transits. Traders in London and Singapore placed protective bids, pushing Brent to its highest level since October.
What happens next
With inflation at 47 % and staple foods up 70 % in a year, bazaar merchants—traditionally a pillar of regime support—are openly discussing a nationwide strike. If that materializes, analysts warn, the government could face its stiffest test since 1979. For now, the night belongs to the protesters, their cellphone flashlights flickering like fireflies against a backdrop of sirens and slogans: “Death to the dictator.”