Iranian President Masoud Pezeshkian has said Iran foreign trade has fallen by nearly 35% due to US sanctions and a naval blockade of Iranian ports. The statement highlights the growing economic impact of the ongoing conflict with Washington.
Iranian leaders have acknowledged increasing economic pressure as the war reaches its sixth month. Supreme Leader Ayatollah Mojtaba Khamenei has also called on the government to address inflation, unemployment and difficulties affecting prices and markets.
Pezeshkian said sanctions and restrictions on shipping had sharply affected Iran’s exports and imports. Despite these challenges, he said Iran managed to sell around 90 million barrels of oil during a short period when Washington allowed Iranian oil sales under a June memorandum.
The decline in Iran foreign trade comes as the United States intensifies its sanctions campaign. Washington has warned countries against expanding business ties with Tehran, with secondary sanctions remaining a major concern for international companies and financial institutions.
The US Treasury has also imposed sanctions on entities and individuals linked to Iran. Among the latest measures was action against Egypt’s Banque Misr over business with Tehran, although Egypt said the restrictions were limited to certain US dollar transactions.
The economic pressure has added to Iran’s domestic challenges. Annual inflation reportedly reached 66% last month, while Iranian officials continue to face pressure to manage prices, employment and the supply of goods and services.
Diplomatic efforts are continuing alongside the economic confrontation. Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani visited Tehran and discussed restoring open shipping through the Strait of Hormuz, while Iranian Foreign Minister Abbas Araqchi described the talks as creative.
