Iran's economy collapses: Turkey also decided to respond immediately to the reversal

The Iranian economy continues to deteriorate due to the American blockade, with the Iranian currency plunging to a historic low of over 2.5 million rials to the dollar. Turkey responded quickly to the developments, while the US Navy continues to pressure Iran in the Strait of Hormuz.

The Iranian economy continues to deteriorate due to the American blockade, with the Iranian currency plunging this week to another historic low of over 2.5 million rials to the dollar, a collapse of about 140% on an annual basis since the start of the blockade. For comparison, at the beginning of 2018, the rial exchange rate stood at only 35,000 to the dollar. Data from the monitoring company 'Kepler' shows that the weekly average of oil passing through the Strait of Hormuz stands at 14.19 million barrels per day, a figure approaching the 17.13 million barrels that passed through it before the war. The Iranian oil that is now missing from the market has been halted due to the American blockade. The resumption of oil flow through Saudi Arabia's bypass pipeline and the acceleration of loading at the Yanbu port are expected to release additional oil quantities to the global market. Richard Goldberg from the Foundation for Defense of Democracies noted that the data presented by US Energy Secretary Chris Wright is an accurate count reported by ship captains. However, the Wall Street Journal warns that Iran is not giving up, and reported three successful Iranian attacks on ships. It appears the regime will not sit idly by while it loses its power, which could lead to an 'October surprise' before the midterm elections in the United States. Washington's challenge is to maintain the pressure and exploit the tactical advantage to achieve its strategic goals: stopping the nuclear program or toppling the regime.