Troubles are mounting in Iran. Its currency, the rial, has lost more than half its value against the dollar on unofficial markets this year and inflation is soaring. Even middle-class Iranians are struggling to get by, with food prices rising and reported fuel shortages in some cities. Sporadic anti-government demonstrations are continuing, The Financial Times said in its opening on Monday.
Total, the French energy major, is returning to Iran. This week, it announced the first big foreign investment in Iran’s vast but capital-starved oil and gas industry since the nuclear accord Tehran reached with the US and five other world powers in 2015. Total left Iran in 2006 because of internati