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

The Iranian rial has plummeted to a record low of 2.3 million per US dollar, a consequence of the economic fallout from the ongoing war and the US naval blockade on Iranian ports in the Strait of Hormuz, according to a report by The Wall Street Journal on Thursday. With many Iranians earning approximately $250 a month, the soaring prices of everyday goods have become increasingly unaffordable for the civilian population.

The Iranian regime, in an attempt to curb fuel consumption, doubled the price of gasoline for drivers exceeding 110 liters per month. This move has led to taxi and truck drivers striking due to the shrinking gas supply, with some stranded without fuel and unable to work for a third of each month.

The regime is also grappling with repairing the damage to its refineries sustained during the war, while struggling to import fuel and other essential goods due to the US naval blockade. A representative for the Union of Truckers and Drivers Organizations Across Iran recounted a driver's experience of being stranded at a gas station with his family, unable to refuel.

Protesters have emerged across Iran, with taxi drivers in the eastern province of Kerman alleging that the fuel cuts have left them out of work for a third of each month. Snapp, the Iranian delivery and ride-share service, has also seen a surge in strikes and protests, with the company being one of the largest employers in the country, employing roughly 3 million drivers.

The combination of rising costs and shrinking fuel rations has left many workers unable to make ends meet, as one driver from a protest in Semnan city confessed, "We've all stopped; no one is working." The fuel crisis has also prompted protests from other sectors of the transportation industry, with truck drivers on the border with Iraq striking due to fuel shortages.