Iran touts its trade ties as U.S. turns from bombs to economic warfare

Iran announced on Sunday the discovery of more than 200 billion cubic meters of natural gas in the south of Fars province, according to its Petroleum Minister Mohsen Paknejad. The minister claimed that over 160 billion cubic meters could be extracted from the field, describing it as sweet natural gas, which has minimal toxic hydrogen sulfide content, resulting in lower operating costs. However, any new production from the site would likely take years, as stated by Bloomberg.

This new discovery comes as the United States has shifted its focus from military strikes to economic warfare against Iran following the joint U.S.-Israeli strikes in late February. Iranian President Masoud Pezeshkian defended the memorandum of understanding signed with the U.S. in June as the best option for Iran to move beyond a state of "neither war nor peace." He emphasized that the agreement represents dignity, wisdom, and the national interest, stating that there is no capitulation in its provisions.

Despite the signing of the Memorandum of Understanding, both sides have failed to make significant progress in ending the war and resolving the nuclear program issue within the 60-day deadline set by U.S. President Trump. The dispute over reopening the Strait of Hormuz remains a crucial point of contention, potentially affecting global shipping. Pezeshkian acknowledged the many problems faced by Iranian citizens due to the sanctions imposed by the United States, which aim to further isolate the country's economy.

Pezeshkian claimed that the United States is waging a full-scale economic, military, and security war against Iran, and he presented the most severe sanctions against the Iranian regime. Iran's foreign ministry spokesperson, Esmael Baghaei, announced that Pakistan's army chief will visit Tehran on Monday, emphasizing the strengthening of bilateral cooperation between Iran and Pakistan to support regional peace and security. Pakistani mediators played a vital role in the U.S.-Iran memorandum of understanding signed in June.

In a controversial execution, Iran executed Majid Adineh, a man accused of carrying a chainsaw during January's anti-government protests. Adineh was charged with acting as an agent of Israel and the United States, and he was one of several individuals put to death in connection with the unrest, which reportedly resulted in over 3,000 deaths and was attributed to U.S. and Israeli orchestrations.

Executions of this nature have become increasingly common under Iranian authorities, with at least 1,639 people executed in 2024, a record high since 1989.