US sanctions deepen Iran crisis as oil nears $100

US sanctions and a blockade on Iranian oil exports have exacerbated Iran's economic crisis, as oil prices rose near $100 per barrel. Brent crude, the global benchmark, reached $97 per barrel on Thursday before dropping to $95.50, driven by concerns over limited Iranian oil supplies. Washington intensified its efforts to cut off Iran's access to international finance and prevent the country from bypassing sanctions.

Iranian sources told Reuters that the measures are increasingly difficult for Tehran to cope with, with the country facing limited options for foreign currency and essential imports. This has resulted in Iran's crude exports falling to about 260,000 barrels per day from 1.7 million bpd a year ago. The sanctions have also disrupted energy supplies and shipping through the Strait of Hormuz.

Iran's currency has plummeted, and inflation has surged to 69.9 percent annually, making it difficult for the country to maintain its evasion networks and maintain imports. Average monthly salaries in Iran are estimated at $125, far below household spending requirements of $450. Fighting between Iran and the US has intensified, raising fears of further oil supply disruptions and shipping blockades.