Iran Admits Economic Toll, Vows to Maintain Strait of Hormuz Position

Iran has acknowledged the economic toll of six months of war and US sanctions, but insists on maintaining its position on the Strait of Hormuz. Iranian President Masoud Pezeshkian stated that sanctions are having a significant impact on the country's economy, despite previous downplaying their effectiveness.

The Strait of Hormuz remains a key concern for UAE residents, as Gulf states intensify diplomatic efforts to restore freedom of navigation. US Secretary of Treasury Scott Bessent has promised an effort to isolate Tehran economically, which Iran views as pressure.

Iran's government has outlined priorities including reducing inflation, stabilizing markets, creating jobs, backing domestic manufacturing, and gradually reducing its dependence on the US dollar. However, it has shown no sign of abandoning its position over the Strait of Hormuz, saying restrictions will remain until Washington meets its commitments and ends military action against the country.

Diplomatic efforts led by Qatar, Oman, and Pakistan have increased in recent days as mediators seek a way to reopen the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi said diplomacy remains possible but insisted that Washington must abandon its pressure campaign.