The story: Having enjoyed relative stability since Mar. 2023, the Iranian rial has sharply depreciated against the US dollar this year—sparking public outrage. The turmoil on currency markets is viewed as linked to rising regional tensions, and especially the recent killing of US forces in Jordan. Criticism is being directed at the Ebrahim Raisi administration, which is now under pressure to stabilize the rial.

The coverage: While the US dollar has traded for around 500,000 IRR on the open market in Iran since last spring, the rial began losing value in early January. The national currency experienced a noticeable drop after the deadly Jan. 28 drone attack on US forces in Jordan. The airstrike was claimed by a new...