Iran is once again witnessing scenes that its leadership knows all too well: shuttered bazaars, paralysed universities and people on the streets protests against the Khamenei regime.

What began as anger over a collapsing currency and soaring prices has, within days, evolved into something far more politically charged. Across Tehran, Isfahan, Lorestan and beyond, protesters are no longer just demanding economic relief they are openly calling for the end of clerical rule.Videos circulating online show crowds chanting “Mullahs must leave Iran” and “Death to the dictatorship”, slogans that leave little room for interpretation.

The protests, now stretching into a sixth day, were triggered by a dramatic plunge in the rial, which briefly fell to around 1.4 million to the US dollar.

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The unrest places fresh pressure on Supreme Leader Ayatollah Ali Khamenei at a moment when Iran faces internal fragility and external threats. While the government insists the protests remain limited, the tone on the streets — and the targets of public anger — suggest a deeper crisis of legitimacy.

From currency shock to street revolt

The immediate spark for the demonstrations was economic. Merchants in Tehran closed their shops after the rial hit a record low, wiping out purchasing power almost overnight. Inflation officially stands above 50 per cent year-on-year, with food prices rising even faster. For families, planning even a few months ahead has become impossible.

Iran Protests- Timeline

Protests quickly spread beyond shopkeepers. Students occupied university campuses, roads were blocked in several cities and clashes erupted between demonstrators and security forces.

At least several people have been killed, according to state-linked media and rights groups, with deaths reported in Lorestan, Lordegan and Kouhdasht. Dozens of police and Basij members were injured, while hundreds of protesters have reportedly been detained.Although authorities initially tolerated limited economic protests, the response hardened as chants turned openly anti-regime. Tear gas, arrests and, in some cases, live ammunition followed.

State media continues to describe demonstrators as “rioters”, echoing a familiar script from past uprisings.

An economic fix for a political problem?

President Masoud Pezeshkian has moved quickly to present an economic response, reshuffling senior officials and reappointing Abdolnaser Hemmati to head the Central Bank. The government has revived plans to dismantle Iran’s multi-rate currency system, long blamed for corruption and market distortion, and scrapped a subsidised exchange rate for basic imports.Pezeshkian has struck an unusually candid tone, acknowledging that public anger is directed at the state itself and insisting there is “no need to blame America”. Yet many Iranians see the reforms as too little, too late. Currency policy tweaks do not address decades of mismanagement, sanctions-driven isolation or entrenched power structures beyond the president’s control.Even within the political elite, Hemmati’s return has deepened divisions, angering hardline lawmakers who argue the government is ignoring parliament and public opinion alike.

The sense that technical fixes are being applied to a fundamentally political crisis is fuelling scepticism on the streets.

Targeting the apex of power

What distinguishes the current protests from many previous waves is who protesters are blaming. In earlier unrest, slogans often focused on governments or specific policies. This time, chants directly target the Islamic Republic and its supreme leader.Many demonstrators openly argue that Pezeshkian lacks real authority, pointing instead to Khamenei and the unelected institutions that dominate Iran’s system.

Calls for regime change, free elections and even the return of exiled crown prince Reza Pahlavi have been heard in several cities — once unthinkable demands voiced with increasing confidence.Analysts say this shift reflects desperation as much as defiance. After years of protests — from fuel price riots to the “Women, Life, Freedom” movement after Mahsa Amini’s death — many Iranians believe the system is incapable of reforming itself.

Khamenei, succession and mounting pressure

The unrest comes as questions swirl around Khamenei himself. Now in his late 80s, the supreme leader has not appeared publicly to address the crisis, fuelling speculation about his health and grip on power. Behind the scenes, succession planning is already under way, with rival factions and the Revolutionary Guards manoeuvring to shape Iran’s future.At the same time, Iran faces severe environmental stress, chronic water shortages and lethal air pollution, compounding public anger.

Internationally, pressure is also mounting. Donald Trump has again warned Iran over its nuclear programme, while Israeli officials hint at further military action if Tehran rebuilds damaged facilities.Earlier in July 2025, Khamenei had reportedly identified three senior clerics as potential successors. Notably, Khamenei’s son, Mojtaba, is absent from the list of candidates. Former hardline president Ebrahim Raisi, once a leading contender died in a 2024 helicopter crash.For now, the security apparatus appears strong enough to suppress unrest. Whether or not current wave of protests subsides, the message from Iran’s streets is stark: fear has eroded, patience has run out, and the authority of the clerical system is being challenged more directly than at any point in years.