US-Iran Conflict Slams 35% Off Iranian Trade, Oil Exports Hit Hard

The six-month-old US-Iran conflict is taking a significant toll on Tehran's economy, with foreign trade plummeting by 35%. Iranian President Masoud Pezeshkian attributed this decline to US sanctions and the naval blockade of Iranian ports.

The Strait of Hormuz, a critical route for global energy shipments, has been severely disrupted. Only seven vessels crossed the waterway in recent days, compared to the usual daily average of about 15. This disruption is particularly concerning for Iran, as it relies heavily on functioning shipping routes to maintain trade and oil exports.

The government has vowed to continue using diplomacy and defense simultaneously while working to contain inflation, create jobs, and strengthen domestic production. It also aims to gradually reduce the country's dependence on the US dollar.