{
  "id": 3119116,
  "title": "5 ways Iran's economy is wilting under Trump's pressure",
  "url": "https://urgent.news/2026/08/24/5-ways-irans-economy-is-wilting-under-trumps-pressure",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-24T21:17:55.000Z",
  "source": {
    "name": "Axios",
    "slug": "axios",
    "url": "https://www.axios.com/2026/08/24/trump-iran-sanctions-bessent-economy"
  },
  "original_language": "en",
  "account": "President Trump has ramped up economic sanctions against Iran in the ongoing Iran war, aiming to force Tehran's leaders to submit. The goal is to test Iran's tolerance for economic hardship before they negotiate. On Monday, Treasury Secretary Scott Bessent unveiled a plan to further cripple Iran's economy, calling it \"the single greatest financial offensive ever.\"\n\nSince April, Iran's primary source of income from oil exports through the Hormuz Strait has been restricted by the U.S. blockade. Iran now relies on domestic taxes, non-oil exports, and pre-war oil revenue to finance its war efforts. Despite not showing signs of surrender, some Iranian officials have suggested the country should consider ending the war instead of enduring months or years of economic strain.\n\nExperts project severe economic hardship for Iran within months, which could damage its war efforts and threaten domestic stability. Iran's main currency, the rial, has depreciated significantly, falling to 2.02 million per dollar, up from 1.65 million before the war. This has led to a 22% increase in the amount of rials needed to buy one dollar, effectively making the rial 22% weaker.\n\nThe International Monetary Fund (IMF) predicts that Iran's inflation rate will reach 68.9% in 2026, the highest since 1979. Consumer prices in Iran have soared by 87.9% year-over-year, with food and beverage inflation alone increasing by more than 128%. The devalued rial and high inflation are making it difficult for Iranians to afford basic necessities, causing them to cut down on fruit, protein, leisure activities, and even work on weekends.\n\nIran's oil exports have also collapsed due to the U.S. blockade, with the Central Bank Governor stating that the country is no longer exporting oil. This has contributed to an expected GDP shrinkage of 5.4% this year, according to the IMF's July forecast. Iranian President Masoud Pezeshkian recently suggested that ending the war might be better for Iran to be in a position of strength and dignity, despite little evidence of Tehran's willingness to concede.",
  "summary": "President Trump is escalating economic pressure on Tehran more than six months into the Iran war , aiming to squeeze Iranian leaders into submission. Why it matters: Trump's campaign could test how much economic pain Iran is willing to take before its leaders tap out. Driving the news: Trump declared last week that Iran would face an \"economic D-Day\" amid the ongoing war. The president has been…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Qatar Tribune Business",
        "title": "Oil prices slip as Trump readies ‘crushing’ Iran economic campaign",
        "url": "https://urgent.news/2026/08/24/oil-prices-slip-as-trump-readies-crushing-iran-economic-campaign",
        "published": "2026-08-24T21:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}