Iranian trade plunges 35% as U.S. steps up economic pressure

Iran's foreign trade has plummeted by nearly 35% due to U.S. sanctions and a naval blockade, according to President Masoud Pezeshkian. This economic strain was acknowledged by Supreme Leader Ayatollah Mojtaba Khamenei, who urged the government to tackle issues like inflation, unemployment, and rising prices, as reported by Reuters.

The U.S. has been ramping up its financial campaign against Tehran, known as an "economic D-Day," with the aim of discouraging countries from engaging in business with Iran or face secondary sanctions. Despite the Treasury Department not targeting major Iranian trading partners like China and India, significant measures were taken against entities such as Egypt's Banque Misr and a Hong Kong-based entity associated with Iran's Bank Melli.

Iran managed to export around 90 million barrels of oil during a brief agreement with Washington in June, but diplomatic efforts to resolve the conflict persist. Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani recently met with Iranian officials in Tehran, advocating for the reopening of shipping through the Strait of Hormuz.

However, Iran's Islamic Revolutionary Guard Corps remains skeptical, asserting that passage through the strait requires their approval. Recent shipping data reveals that only seven commodity vessels passed through the Strait of Hormuz on Thursday, compared to 17 on the previous day and below the 10-day average of 15, underscoring the ongoing challenges.