Is Iran about to get regime-changed?

In a familiar pattern, internal frustrations have led to protests that are now being co-opted and hijacked by external actors

In late December 2025, protests erupted in Iran. In Tehran, including areas around the Grand Bazaar, some shops closed and merchants took to the streets amid a sharp drop in the rial. On the open market, the exchange rate slid to record lows, around 1.39 million rials to the dollar, prompting daily repricing and making restocking increasingly unpredictable.