Protests In Iran Erupt While U.S. Sanctions Loom

oilprice

A fresh wave of protests erupted in Iran over the weekend against the plunging value of the local currency and rising prices, in what some observers and analysts describe as the biggest protest in the capital Tehran since 2012, just before the previous sanctions on Iran were imposed.

After U.S. President Donald Trump withdrew from the Iran nuclear deal and re-imposed sanctions on Tehran—including on its oil industry and exports—expected to kick in later this year, the value of the Iranian rial has plunged to record lows against the U.S. dollar on the black market.

On Sunday, one U.S. dollar was being offered for as much as 87,000 Iranian rials, compared to around 75,500 rials on Thursday—the previous trading day before the Iranian weekend.

Demand for dollars has been high in recent months among Iranians because they fear that the renewed U.S. sanctions would reduce oil exports and exports of other goods. The plunge of the rial against the dollar has angered Iranians who see prices of imported goods rising…
Read more : Oilprice, 25.06.2018