US Economic Pressure Campaign Weighs Heavy on War-Torn Iran

The ongoing war between Iran and the US is taking a significant toll on the Iranian economy. According to Supreme Leader Ayatollah Mojtaba Khamenei, the government needs to address the economic hardship caused by inflation, unemployment, price management, and market control.

Iranian President Masoud Pezeshkian reported that foreign trade has shrunk nearly 35% due to US sanctions and a naval blockade of Iranian ports. Despite this, he claimed Iran was able to sell about 90 million barrels of oil during the short-lived memorandum of understanding in June.

The US Treasury Department has imposed sanctions on Egypt's Banque Misr for doing business with Tehran, which could have repercussions for the global economy. However, it stopped short of penalizing major Iranian trade partners such as China and India.