Iran Scrambles To Deal With Economic Crisis Amid Mounting US Pressure

Tehran’s chaotic attempts to stabilize its economy in the face of tightening US sanctions have failed to calm the country’s economic markets. Indeed they have arguably produced the opposite effect: the value of the Iranian rial has continued to slump, reaching an all-time low of close to $1=IR90,000 on the black market in recent days.

OIL EXPORTS: ‘DOWN TO ZERO’

Brian Hook, Director of Policy Planning at the US Department of State this week reiterated the US administration’s intent to slash Iranian oil exports, preferably to nothing. “Our focus is on getting as many countries importing Iranian crude down to zero as soon as possible,” he said, adding that “we are also working with oil market participants, including producers and consumers, to ensure market stability.” (CONTINUED - 1128 WORDS)