Iranian Rial hits record low as economic fallout from war takes hold - report

The Iranian rial has plunged to a record low of 2.3 million per US dollar as the economic impact of war and a US naval blockade drives inflation to 128%. Fuel price hikes and shortages have sparked strikes among taxi and truck drivers, with workers across the transportation sector protesting deteriorating living conditions.

The Iranian rial has hit a record low of 2.3 million per US dollar, according to a Wall Street Journal report, as the economic fallout from the ongoing war and a US naval blockade on Iranian ports along the Strait of Hormuz drives inflation to 128%. Many Iranians earn roughly $250 per month. The regime doubled gasoline prices for users exceeding 110 liters per month, targeting passenger vehicles that exceeded allocated quotas after Tehran slashed monthly subsidies. The shrinking fuel supply has left some drivers stranded, prompting taxi and truck drivers to go on strike. Workers for Snapp, Iran's largest delivery and ride-share service with roughly 3 million drivers, also went on strike, with many stating they can no longer make ends meet. Truck drivers on the border with Iraq protested fuel shortages, and truckers in the port of Bandar Abbas warned they might also strike. The article relies on reports from the Wall Street Journal, Euronews, and the Human Rights Activists News Agency, with verified video footage from Storyful.