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Iran is acknowledging growing economic pressure from its six-month war with the U.S., with President Masoud Pezeshkian saying foreign trade has fallen nearly 35% because of American sanctions and a naval blockade, Reuters reported.
Supreme Leader Mojtaba Khamenei urged the government to address inflation, unemployment and rising living costs, while Tehran said Saturday it would continue resisting U.S. pressure, pursue diplomacy and maintain what it says is control over the Strait of Hormuz.
A government statement said priorities include curbing inflation, managing markets, creating jobs, supporting domestic production and gradually reducing dependence on the dollar.
The Trump administration has intensified its financial campaign against Iran, described as an “economic D-Day,” as negotiations remain stalled.
Washington has warned countries to reduce business ties with Iran or risk secondary sanctions, though it has not penalized major trading partners such as China and India.
The U.S. Treasury sanctioned Egypt’s Banque Misr over business with Tehran and proposed restricting its UAE branches from U.S. dollar transactions. Egypt said it was in contact with U.S. officials, while Banque Misr said its UAE branch continued operating.
The U.S. also sanctioned a Hong Kong-based entity and a person linked to Iran’s Bank Melli.
Iran’s annual inflation reached 66% last month.
Khamenei, who has not appeared publicly since being injured in the Feb. 28 attack that killed his father and former Supreme Leader Ali Khamenei, called for action on inflation, unemployment and market prices.
Pezeshkian said Iranian exports and imports had fallen nearly 35% under sanctions and the naval blockade.
He said Iran sold about 90 million barrels of oil during a short-lived memorandum of understanding signed with the U.S. in June, when Washington temporarily permitted Iranian oil sales.
Pezeshkian called Saturday for the June 17 agreement to be revived. The deal, which included sanctions relief and the release of frozen Iranian assets, quickly unraveled amid disagreements, particularly over the Strait of Hormuz.
“We can solve our problems and gain our privileges with the memorandum of understanding,” he said.
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani met Iranian leaders in Tehran on Thursday and urged a return to pre-war open shipping through the Strait of Hormuz.
Iranian Foreign Minister Abbas Araqchi described the talks as “creative.” Qatar and Pakistan helped broker the June memorandum.
Iran said diplomacy and defense were “two complementary, coordinated and inseparable wings” for protecting its national interests and security.
Before the war, the Strait of Hormuz carried about 20% of global oil and LNG.
U.S. military commanders say American forces cleared Iranian-laid sea mines from the strait, and President Donald Trump has repeatedly said the waterway is open.
Iran’s Revolutionary Guards navy rejected that claim as “an obvious lie,” saying the strait remained closed to ships without Iranian permission.
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