Iran’s Currency Falls to an All-Time Low as Trump Clinches the US Presidency

03 November 2024, Iran, Tehran: Iranian women walk past a mural painting along the wall of the former US embassy during an anti-US rally marking the 45th anniversary of the US Embassy takeover. Photo: Rouzbeh Fouladi/ZUMA Press Wire/dpa
03 November 2024, Iran, Tehran: Iranian women walk past a mural painting along the wall of the former US embassy during an anti-US rally marking the 45th anniversary of the US Embassy takeover. Photo: Rouzbeh Fouladi/ZUMA Press Wire/dpa
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Iran’s Currency Falls to an All-Time Low as Trump Clinches the US Presidency

03 November 2024, Iran, Tehran: Iranian women walk past a mural painting along the wall of the former US embassy during an anti-US rally marking the 45th anniversary of the US Embassy takeover. Photo: Rouzbeh Fouladi/ZUMA Press Wire/dpa
03 November 2024, Iran, Tehran: Iranian women walk past a mural painting along the wall of the former US embassy during an anti-US rally marking the 45th anniversary of the US Embassy takeover. Photo: Rouzbeh Fouladi/ZUMA Press Wire/dpa

Iran’s currency fell on Wednesday to an all-time low as Donald Trump clinched the US presidency again, signaling new challenges ahead for Tehran as it remains locked in the wars raging in the Middle East.

The rial traded at 703,000 rials to the dollar, traders in Tehran said. The rate could still change throughout the day. Iran’s Central Bank could flood the market with more hard currencies as an attempt to improve the rate, as it has done in the past.

The slide comes as the rial already faces considerable woes over its sharp slide in value — and as the mood on the streets of Tehran among some darkened.

"One hundred percent he will intensify the sanctions," said Amir Aghaeian, a 22-year-old student. "Things that are not in our favor will be worse. Our economy and social situation will surely get worse.”

He added: "I feel the country is going to blow up.”

In 2015, at the time of Iran's nuclear deal with world powers, the rial was at 32,000 to $1. On July 30, the day that Iran's reformist President Masoud Pezeshkian was sworn in and started his term, the rate was 584,000 to $1.

Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.

Iran's economy has struggled for years under crippling international sanctions over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels.

Pezeshkian, elected after a helicopter crash killed hard-line President Ebrahim Raisi in May, came to power on a promise to reach a deal to ease Western sanctions.

However, Iran's government has for weeks been trying to downplay the effect on Tehran of whoever won Tuesday's election in the United States. That stance continued on Wednesday with a brief comment from Fatemeh Mohajerani, a spokeswoman for Pezeshkian's administration.

"The election of the US president doesn't have anything specifically to do with us," she said. "The major policies of America and Iran are fixed, and they won’t heavily change by people replacing others. We have already made necessary preparations in advance.”

By midday Wednesday in the Middle East, Donald Trump was elected the 47th president of the United States in a remarkable political comeback.

Tensions still remain high between the nations, 45 years after the 1979 US Embassy takeover and 444-day hostage crisis that followed.

Iran remains locked in the Mideast wars roiling the region, with its allies battered — armed groups and fighters of its self-described "Axis of Resistance," including the Palestinian Hamas movement, Lebanon's Hezbollah party and Yemen's Houthi militias.

Israel is pressing its war in the Gaza Strip targeting Hamas and its invasion of Lebanon amid devastating attacks against Hezbollah. At the same time, Iran still appears to be assessing damage from Israel’s strikes on the country on Oct. 26 in response to two Iranian ballistic missile attacks.

Iran has threatened to retaliate against Israel — where US troops now man a missile defense battery.



US Renews Threat to Leave IEA

US Energy Secretary Chris Wright speaks at an IEA ministerial meeting in Paris (X)
US Energy Secretary Chris Wright speaks at an IEA ministerial meeting in Paris (X)
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US Renews Threat to Leave IEA

US Energy Secretary Chris Wright speaks at an IEA ministerial meeting in Paris (X)
US Energy Secretary Chris Wright speaks at an IEA ministerial meeting in Paris (X)

US Energy Secretary Chris Wright renewed his threat Thursday to pull out of the International Energy Agency, saying Washington would press the organization to abandon a net-zero agenda “in the next year or so.”

Speaking on the last day of an IEA ministerial meeting in Paris, Wright said the 52-year-old agency should return to its founding mission of ensuring energy security.

“The US will use all the pressure we have to get the IEA to eventually, in the next year or so, move away from this agenda,” Wright said in a news conference.

“But if the IEA is not able to bring itself back to focusing on the mission of energy honesty, energy access and energy security, then sadly we would become an ex-member of the IEA,” he added.

Meaning of Wright’s Warning

A US exit means a deep cut to IEA’s budget undermining the agency’s global influence.

Washington is not just a member of the agency but its largest funder. It alone contributes to 25% of the IEA core budget (equivalent to between $25 and $30 million annually) and therefore its exit would “dry up” a quarter of the agency’s financial resources.

Also, Washington is the world's largest oil and gas producer, meaning the US exit will affect the agency's reports and their credibility in markets.

The IEA was created to coordinate responses to major disruptions of supplies after the 1973 oil crisis. But in recent years, it became the main advocate of green transition policies, which the US considers as “politicized.”

The IEA produces monthly reports on oil demand and supply as well as annual world energy outlooks that include data on the growth of solar and wind energy, among other analyses.

Wright praised IEA Executive Director Fatih Birol for reinserting in November 2025’s annual outlook a Current Policies Scenario in which oil and gas demand would grow in the next decades. That scenario had been dropped for the past five years.

But the report still included a scenario where the world reaches net zero emissions by mid-century.

Birol’s current four-year term ends in 2027, but Wright demurred when asked who he would like to head the IEA, which has over 30 member nations.

“We remain today undecided or neutral on who the leadership is. We care about the mission much more than the individual leaders,” the US energy chief said.

If Birol can make the agency “get out the politics and get out the anti-energy part of it, that's great by us,” said Wright, who first warned last year that the US could leave the IEA if it did not reform.

For his part, Birol insisted that the Paris-based agency was “data-driven.” He said, “We are a non-political organization.”

The IEA was created “to focus on energy security,” Wright said on Wednesday at a ministerial meeting of the agency in Paris.

“That mission is beyond critical and I'm here to plead to all the members (of the IEA) that we need to keep the focus of the IEA on this absolutely life-changing, world-changing mission of energy security,” he said.

The Energy Secretary said he wanted to get support from “all the nations in this noble organization to work with us, to push the IEA to drop the climate. That's political stuff.”

His comments come just a day after he publicly threatened to quit the organization unless it abandoned its focus on the energy transition— a call that several countries rejected, including the UK, Austria and France.

 

 


Trump Warns of 'Bad Things' if Iran Doesn't Make a Deal, as Second US Carrier Nears Mideast

The US Navy's Nimitz-class aircraft carrier USS Abraham Lincoln leads its strike group during a photo exercise in the Arabian Sea, February 6, 2026.  US Navy/Mass Communication Specialist 1st Class Jesse Monford/Handout via REUTERS
The US Navy's Nimitz-class aircraft carrier USS Abraham Lincoln leads its strike group during a photo exercise in the Arabian Sea, February 6, 2026. US Navy/Mass Communication Specialist 1st Class Jesse Monford/Handout via REUTERS
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Trump Warns of 'Bad Things' if Iran Doesn't Make a Deal, as Second US Carrier Nears Mideast

The US Navy's Nimitz-class aircraft carrier USS Abraham Lincoln leads its strike group during a photo exercise in the Arabian Sea, February 6, 2026.  US Navy/Mass Communication Specialist 1st Class Jesse Monford/Handout via REUTERS
The US Navy's Nimitz-class aircraft carrier USS Abraham Lincoln leads its strike group during a photo exercise in the Arabian Sea, February 6, 2026. US Navy/Mass Communication Specialist 1st Class Jesse Monford/Handout via REUTERS

Iran held annual military drills with Russia on Thursday as a second American aircraft carrier drew closer to the Middle East, with both the United States and Iran signaling they are prepared for war if talks on Tehran's nuclear program fizzle out.

President Donald Trump said Thursday he believes 10 to 15 days is “enough time” for Iran to reach a deal. But the talks have been deadlocked for years, and Iran has refused to discuss wider US and Israeli demands that it scales back its missile program and sever ties to armed groups. Indirect talks held in recent weeks made little visible progress, and one or both sides could be buying time for final war preparations.

Iran’s theocracy is more vulnerable than ever following 12 days of Israeli and US strikes on its nuclear sites and military last year, as well as mass protests in January that were violently suppressed.

In a letter to the UN Security Council on Thursday, Amir Saeid Iravani, the Iranian ambassador to the UN, said that while Iran does not seek “tension or war and will not initiate a war,” any US aggression will be responded to “decisively and proportionately.”

“In such circumstances, all bases, facilities, and assets of the hostile force in the region would constitute legitimate targets in the context of Iran’s defensive response,” Iravani said.

Earlier this week, Iran conducted a drill that involved live-fire in the Strait of Hormuz, the narrow opening of the Arabian Gulf through which a fifth of the world's traded oil passes.

Tensions are also rising inside Iran, as mourners hold ceremonies honoring slain protesters 40 days after their killing by security forces. Some gatherings have seen anti-government chants despite threats from authorities.

Trump again threatens Iran

The movements of additional American warships and airplanes, with the USS Gerald R. Ford aircraft carrier near the mouth of the Mediterranean Sea, don't guarantee a US strike on Iran — but they bolster Trump's ability to carry out one should he choose to do so.

He has so far held off on striking Iran after setting red lines over the killing of peaceful protesters and mass executions, while reengaging in nuclear talks that were disrupted by the war in June.

Iran has agreed to draw up a written proposal to address US concerns raised during this week’s indirect nuclear talks in Geneva, according to a senior US official who was not authorized to comment publicly and spoke on the condition of anonymity.

The official said top national security officials gathered Wednesday to discuss Iran, and were briefed that the “full forces” needed to carry out potential military action are expected to be in place by mid-March. The official did not provide a timeline for when Iran is expected to deliver its written response.

“It’s proven to be, over the years, not easy to make a meaningful deal with Iran, and we have to make a meaningful deal. Otherwise, bad things happen,” Trump said Thursday.

With the US military presence in the region mounting, one senior regional government official said he has stressed to Iranian officials in private conversations that Trump has proven that his rhetoric should be taken at face value and that he’s serious about his threat to carry out a strike if Iran doesn’t offer adequate concessions.

The official, who spoke on the condition of anonymity to discuss delicate diplomatic conversations, said he has advised the Iranians to look to how Trump has dealt with other international issues and draw lessons on how it should move forward.

The official added that he’s made to case to the Trump administration it could draw concessions from Iran in the near-term if it focuses on nuclear issues and leaves the push on Tehran to scale back its ballistic missile program and support for proxy group for later.

The official also said that Trump ordering a limited strike aimed at pressuring Iran could backfire and lead to Supreme Leader Ali Khamenei withdrawing Iran from the talks.

Growing international concern Polish Prime Minister Donald Tusk urged his nation's citizens to immediately leave Iran as “within a few, a dozen, or even a few dozen hours, the possibility of evacuation will be out of the question.” He did not elaborate, and the Polish Embassy in Tehran did not appear to be drawing down its staff.

The German military said that it had moved “a mid-two digit number of non-mission critical personnel” out of a base in northern Iraq because of the current situation in the region and in line with its partners’ actions. It said that some troops remain to help keep the multinational camp running in Irbil, where they train Iraqi forces.

Iran holds drill with Russia Iranian forces and Russian sailors conducted the annual drills in the Gulf of Oman and the Indian Ocean aimed at “upgrading operational coordination as well as exchange of military experiences,” Iran's state-run IRNA news agency reported.

Footage released by Iran showed members of the paramilitary Revolutionary Guard's naval special forces board a vessel in the exercise. Those forces are believed to have been used in the past to seize vessels in key international waterways.

Iran also issued a rocket-fire warning to pilots in the region, suggesting it planned to launch anti-ship missiles in the exercise.

Meanwhile, tracking data showed the Ford off the coast of Morocco in the Atlantic Ocean midday Wednesday, meaning the carrier could transit through Gibraltar and potentially station in the eastern Mediterranean with its supporting guided-missile destroyers.

It would likely take more than a week for the Ford to be off the coast of Iran.

Netanyahu warns Iran Israel is making its own preparations for possible Iranian missile strikes in response to any US action.

“We are prepared for any scenario,” Israeli Prime Minister Benjamin Netanyahu said Thursday, adding that if Iran attacks Israel, “they will experience a response they cannot even imagine.”

Netanyahu, who met with Trump last week, has long pushed for tougher US action against Iran and says any deal should not only end its nuclear program but curb its missile arsenal and force it to cut ties with militant groups like Hamas and Hezbollah.

Iran has said the current talks should only focus on its nuclear program, and that it hasn't been enriching uranium since the US and Israeli strikes last summer. Trump said at the time that the strikes had “obliterated” Iran's nuclear sites, but the exact damage is unknown as Tehran has barred international inspectors.

Iran has always insisted its nuclear program is peaceful. The US and others suspect it is aimed at eventually developing weapons. Israel is widely believed to have nuclear weapons but has neither confirmed nor denied that.


US Pays $160 Million of More than $4 Billion Owed to UN

US President Donald Trump during the Board of Peace meeting at the Donald J. Trump US Institute of Peace in Washington, USA, 19 February 2026. EPA/ALESSANDRO DI MEO
US President Donald Trump during the Board of Peace meeting at the Donald J. Trump US Institute of Peace in Washington, USA, 19 February 2026. EPA/ALESSANDRO DI MEO
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US Pays $160 Million of More than $4 Billion Owed to UN

US President Donald Trump during the Board of Peace meeting at the Donald J. Trump US Institute of Peace in Washington, USA, 19 February 2026. EPA/ALESSANDRO DI MEO
US President Donald Trump during the Board of Peace meeting at the Donald J. Trump US Institute of Peace in Washington, USA, 19 February 2026. EPA/ALESSANDRO DI MEO

The United States has paid about $160 million of the more than $4 billion it owes to the UN, a United Nations spokesperson said on Thursday as President Donald Trump hosted the first meeting of his "Board of Peace" initiative that experts say could undermine the United Nations.

"Last week, we received about $160 million from the United States as a partial payment of its past dues for the UN regular budget," the UN spokesperson said ‌in a ‌statement.

Trump said during his comments at the opening "Board of Peace" ‌meeting ⁠that Washington would ⁠give the United Nations money to strengthen it.

The US is the biggest contributor to the UN budget, but under the Trump administration it has refused to make mandatory payments to regular and peacekeeping budgets, and slashed voluntary funding to UN agencies with their own budgets.

Washington has withdrawn from dozens of UN agencies.

UN officials say the US owed $2.19 billion to the regular UN budget as of the start ⁠of February, more than 95% of the total owed by ‌countries globally. The US also owes another $2.4 billion ‌for current and past peacekeeping missions and $43.6 million for UN tribunals.

"We're going to help ‌them (UN) money-wise, and we're going to make sure the United Nations is viable," ‌Trump said.

"I think the United Nations has great potential, really great potential. It has not lived up to (that) potential."

Countries, including major powers of the Global South and key US allies in the West, have been reluctant to join Trump's "Board of Peace" where ‌Trump himself is the chair. Many experts have said such an initiative undermines the United Nations.

Trump launched the board ⁠last month ⁠and proposed it late last year as part of his plan to end Israel's war in Gaza.

A UN Security Council resolution recognized the board late last year through 2027, limiting its scope to Gaza, the Palestinian territory it was meant to oversee following Israel's devastating more than two-year assault. Under Trump's plan to end Israel's war in Gaza, the board was meant to oversee Gaza's temporary governance. Trump subsequently said the board will tackle global conflicts and look beyond Gaza as well.

UN experts say that Trump's oversight of a board to supervise a foreign territory's affairs resembles a colonial structure and criticized the board for not having Palestinian representation. There was no UN representative at the "Board of Peace" meeting on Thursday.