Iran's Currency Falls To Record Low As War, US Blockade Rattle Economy
Iran's currency has fallen to a record low against the US dollar as the two-month-long conflict rattles the country's sanctions-hit economy.
Air strikes by the United States and Israel, launched at Iran on February 28, along with the American naval blockade on Iranian ports and vessels, have disrupted Tehran's vital oil exports, hampered domestic production, and fueled inflation.
Iran's national currency, the rial, dropped to a new low of 1.81 million to the US dollar on April 29 before rebounding the next day. The rial has seen its value fall by nearly 15 percent in recent days, according to Iranian media.
To read the full report, click here.
Moscow's Military Axis With Iran Impacting Battlefield, Ex-Pentagon Analyst Matthew Tavares Says
WASHINGTON -- The deepening military partnership between Moscow and Tehran has moved beyond simple arms deals and into a sophisticated cross-continental defense ecosystem, according to a former Pentagon analyst.
Matthew Tavares, who specialized in Russian military strategy and US foreign policy, suggested the West is no longer facing a partnership of convenience but a strategic alignment that spans the tactical, operational, and strategic levels of warfare.
In an interview with RFE/RL on April 29, Tavares breaks down the "democratization" of precision strikes, the vulnerability of high-end US assets, and why the externalization of Iran's defense industry may make its military infrastructure nearly impossible to dismantle.
To read the whole interview, click here.
Supreme Leader Mojtaba Khamenei Issues Rare Statement, Says Iran To Secure Strait Of Hormuz
- By Kian Sharifi
Iran's Supreme Leader Mojtaba Khamenei has issued a defiant statement where he pledged to secure the Gulf region and eliminate what he described as "the enemy's exploitation of the waterway," a reference to a US blockade of vessels calling at Iranian ports after passing through the Strait of Hormuz.
In a rare statement since he was made leader following the death of his father, Ayatollah Ali Khamenei in US and Israeli air strikes on February 28, Khamenei said Iranians both inside and outside will guard the country's maritime, land, and air borders.
The younger Khamenei, 56, has not appeared in public since his father's death, and US officials have said that he is believed to have been severely wounded in the strikes.
Blockage of the strait -- Iran has blocked all maritime traffic except those vessels it approves -- has ravaged a key supply route, sending oil prices higher and compounding concerns about the war's effects on the economy, both globally and at the gas pump, where prices have also jumped.
Iran's Currency Falls To Record Low As War, US Blockade Rattle Economy
Iran's currency has fallen to a record low against the US dollar as the two-month-long conflict rattles the country's sanctions-hit economy.
Air strikes by the United States and Israel, launched at Iran on February 28, along with the American naval blockade on Iranian ports and vessels, have disrupted Tehran's vital oil exports, hampered domestic production, and fueled inflation.
Iran's national currency, the rial, dropped to a new low of 1.81 million to the US dollar on April 29 before rebounding the next day. The rial has seen its value fall by nearly 15 percent in recent days, according to Iranian media.
To read the full report, click here.
Iranian President Says US Naval Blockade 'Doomed To Failure'
Iranian President Masud Pezeshkian said on April 30 that the US naval blockade of Iranian ports is contrary to the interests of regional countries and will ultimately fail.
In a written message read by government spokeswoman Fatemeh Mohajerani at a meeting marking Persian Gulf National Day, Pezeshkian said the security of the region "only makes sense in light of collective cooperation and mutual respect for the sovereignty of its coastal states."
"Any attempt to impose a blockade and maritime restrictions on it is contrary to international law and against the interests of the nations of the region and global peace and stability, and is doomed to failure," he said.
The US military began a naval blockade of Iran on the orders of US President Donald Trump on April 13, after Iran-US talks in Islamabad reached a deadlock. In contrast, Tehran, which had blocked the Strait of Hormuz since the start of the US-Israeli war with Iran on February 28, continues to tightly control the strategic waterway.
In his latest remarks, Trump said on April 29 that he intends to keep Iran under a naval blockade until Iran's government agrees to a deal to address US concerns about its nuclear program.
The global price of crude oil reached an unprecedented jump of $126 per barrel after Trump's announcement.
Trump Welcomes UAE Decision To Leave OPEC
US President Donald Trump welcomed the decision by the United Arab Emirates (UAE) to withdraw from the Organization of the Petroleum Exporting Countries (OPEC).
"I think it's great," Trump said at a news conference, calling UAE President Mohammed bin Zayed Al Nahyan "very smart" and saying "he maybe wants to go his own way."
OPEC is a group of major oil-producing countries that coordinate how much oil they produce to influence global oil prices.
Trump called the UAE's move "a good thing for getting the price of gas down."
The UAE announced on April 28 its decision to withdraw from OPEC and OPEC+ as of May 1.
This was not unexpected for experts, as the UAE's oil production capacity is greater than the amount allocated to the country under OPEC regulations.
Trump hinted that the UAE's decision would likely be problematic for OPEC.
Following the announcement of the UAE's decision, oil prices temporarily declined. The impasse in Iran-US negotiations, and especially Trump's recent announcement that the United States will continue its blockade of Iranian ports, caused another significant jump in oil prices.
CENTCOM Says US Reaches 'Milestone' In Naval Blockade
US Central Command (CENTCOM) said that the United States reached a "significant milestone" on April 29 in its naval blockade of Iranian ports.
US forces had redirected the "42nd commercial vessel attempting to violate the blockade," CENTCOM Commander Admiral Brad Cooper said in a statement on X. "Right now there are 41 tankers with 69 million barrels of oil that the Iranian regime can't sell."
"That's an estimated $6 billion-plus from which Iran's leadership cannot financially benefit," Cooper added, calling the blockade -- effect since April 13 -- "highly effective."
Russia-Iran Axis Expanding The Battlefield, US Senator Thom Tillis Warns
WASHINGTON -- Senator Thom Tillis, a co-chair of the Senate NATO Observer Group and a self-described “plain-spoken” Republican from North Carolina, has a message for those who view the conflicts in Ukraine and the Middle East as isolated events: they are not.
In an era of shifting global alliances, Tillis argues that the world is facing a resurrected "Axis of Evil" led by Russia and Iran -- a partnership he believes has moved far beyond a marriage of convenience into a deep, strategic military alliance.
In an interview with RFE/RL on April 29, Tillis, one of the few internal critics in the Republican party, discussed the high stakes of the current geopolitical landscape, the "unacceptable" prospect of a frozen conflict in Ukraine, and why he believes Vladimir Putin is personally responsible for American deaths.
To read the full interview, click here.
We are now closing the live blog for the day. We'll be back at 7:30 a.m. Central European time to cover the latest events across the Middle East.
Iranian Soccer Federation Officials Turn Back After Arrival In Canada Over 'Insult'
Iranian soccer federation officials -- including a former member of Iran's hard-line Islamic Revolutionary Guards Corps (IRGC) -- said they turned around at Toronto's main airport this week and left the country, claiming "inappropriate behavior" by Canadian immigration officials.
The officials were scheduled to participate in a pre-World Cup FIFA gathering in Vancouver.
Canadian Public Safety Minister Gary Anandasangaree said he could not discuss specific cases due to privacy laws but added that IRGC members were not welcome in Canada.
Iran’s Tasnim News Agency reported that the delegation, including federation President Taj and Secretary-General Hedayat Mombeni, refused to enter the country upon arrival despite holding valid visas because of what they said was "inappropriate behavior of immigration officials."
The delegation was to travel on to Vancouver for the April 30 FIFA Congress that was scheduled to bring together representatives of all 211 member associations ahead of the 2026 World Cup, which is being co-hosted by Canada, the United States, and Mexico.
The Iranian soccer federation said the delegation returned to Turkey on the first available flight because of the behavior of immigration officials at the airport "and the insult to one of the most honorable organs of the Iranian nation's armed forces," likely referring to the IRGC.
Iran's participation in the World Cup -- the most-watched sporting event in the world -- has been in question since the outbreak of the US-Israeli war with Iran. The Iranian team's first three matches are scheduled for US sites.
US Secretary of State Marco Rubio last week said Iran's soccer players would be welcome, but he warned that the US would bar entry to members of the Iranian delegation it judged to have ties to the IRGC, which is designated a terrorist organization by the US several other governments.
With reporting by Reuters and AFP
Trump Tells Netanyahu To Avoid Full Resumption Of War In Lebanon
US President Donald Trump told Israeli Prime Minister Benjamin Netanyahu that Israel should only conduct "surgically" designed military strikes in Lebanon and avoid a full resumption of the war, the president told Axios in an interview.
"I told Netanyahu he has got to do it more surgically. Not knock down buildings. He can't do it. It is too terrible and makes Israel look bad," Trump told Axios in the interview published on April 29.
Trump said that he likes the leadership of Lebanon and believes the troubled Middle East nation can "make a comeback."
"Iran ruined Lebanon. Their proxy [Hezbollah] ruined Lebanon. When Iran gets taken out, Hezbollah automatically gets taken out," Trump added.
A militant group and political party that controls much of southern Lebanon, Hezbollah is considered a terrorist organization by the US, while the European Union has blacklisted its armed wing but not its political branch.
Israel has launched devastating air strikes against believed Hezbollah sites, mainly in southern Lebanon and near Beirut. Hezbollah has fired rockets and drones into Israel.
The fighting is ongoing despite a cease-fire agreed to by the Lebanese and Israeli leaders and announced by Trump.