Iran's Economy in Free Fall Amid US Oil Embargo

Iran is facing its worst economic crisis in decades due to a US embargo on oil exports. The country's budget revenues are plummeting, inflation is accelerating, and the national currency has hit new all-time lows.

The situation worsened six months after the start of the war with the US, when Tehran was unable to export a single barrel of oil. According to a source, stocks of crude oil being sold from previously loaded tankers are gradually running out.

About one-third of Iran's budget revenue depends on oil proceeds. The International Monetary Fund forecasts that Iran's GDP will contract by 5.4% this year, which could be the country's worst performance since the 1980s when it was at war with Iraq following the Islamic Revolution.