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

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A vendor pumps petrol from Iranian fuel oil tankers for resale near the Bashmagh border crossing on March 11, 2026.
A vendor pumps petrol from Iranian fuel oil tankers for resale near the Bashmagh border crossing on March 11, 2026.
(photo credit: Ozan KOSE / AFP via Getty Images)


Iranian workers are going on strike as inflation rises to 128% and the fuel crisis worsens living conditions across the country.

Iranian civilians are struggling to pay for fuel and other essentials as the Rial plunged to 2.3 million per one US dollar and the economic impact of war takes hold, according to a Thursday Wall Street Journal report.

The economic fallout from the war and the US's naval blockade on Iranian ports along the Strait of Hormuz is driving up the price of goods for Iranians, many of whom earn roughly $250 a month, according to a study by Euronews.

On Monday, the Iranian regime doubled the price of gasoline for users surpassing 110 liters per month. The increases targeted passenger vehicles exceeding their allocated quotas following Tehran’s slashing of monthly subsidies. The shrinking gas supply has reportedly left some drivers stranded without fuel, prompting taxi and truck drivers to go on strike.

The regime is also attempting to repair damage sustained by its refineries during the war and faces difficulties importing fuel and other goods due to the US naval blockade.

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