Tensions between the United States and Iran have flared up since the Trump administration withdrew from the nuclear deal with Iran last year and began ratcheting up sanctions on the Islamic Republic.
Earlier this month, tensions turned into threats, as Washington refused to extend sanctions waivers for buyers of Iranian oil, designated Iran’s elite Revolutionary Guards (IRGC) a terrorist organisation, and began military preparations to deter Iran.
These measures are pushing the Iranian economy to the brink. Oil exports, which have already dwindled from 2.5 million to less than 1.3 million barrels a day since last year, could drop even further, crippling the state budget. Ordinary Iranians, who are already suffering from the raging inflation (currently at 40 percent) and skyrocketing prices of goods, will likely bear the brunt of Washington’s push to bring Iranian oil exports to zero. And this is only the beginning.