Iranians  hopeful that nuclear discussions might reduce the likelihood of a US strike

Fatigued from years of harsh sanctions and concerned about U.S. threats of military measures, Iranians have reacted to the possibility of discussions this weekend with hopeful sentiments that have lifted their stock market and weakened their currency.

The discussions between the U.S. and Iran in Oman aim to tackle the prolonged conflict regarding Iran’s nuclear program, but Iranian representatives are doubtful about advancement, and U.S. President Donald Trump has consistently warned of military action if an agreement is not achieved.

Numerous individuals in Iran who spoke with Reuters over the phone continued to express doubts about the future. However, the slight possibility of an agreement with an erratic U.S. president who frequently claims to have strong negotiation abilities has instilled a bit of hope in some individuals.

Trump revealed the discussions on Monday. By Wednesday, Iran’s rial, which had plummeted to a historic low of 1,050,000 per dollar and whose value frequently reflects Iran’s geopolitical changes, had improved modestly to 999,000 per dollar.

On Tuesday, Tehran’s stock exchange climbed by 2.16%, marking its strongest showing since January, as investors moved from secure assets like gold and foreign currency to local stocks. The market increased by an additional 1.1% during early trading on Wednesday.

Since its 1979 Islamic Revolution, Iran has experienced strained relations with Western nations and other significant countries, especially since 2003 when the controversy regarding its uranium enrichment program took precedence. Despite their strong statements, the clerical leadership of the Islamic Republic feels pressured to engage in discussions due to concerns that dissatisfaction with the declining economy might lead to protests, four Iranian officials informed in March.

Economists think that easing sanctions could reduce import expenses for Iranian companies, but cautious investors are opting for short-term investments due to uncertainty surrounding the negotiations’ results.