Iranian trade has dropped sharply amid intensified U.S. sanctions and a naval blockade, with President Masoud Pezeshkian saying exports and imports have fallen by 25% to 35%. Supreme Leader Mojtaba Khamenei has called for greater economic self-reliance, increased domestic production and a gradual reduction in the role of the U.S. dollar.
The U.S. has launched a tougher sanctions campaign aimed at cutting Iran’s economic ties globally. The Treasury Department has targeted Banque Misr’s UAE operations over alleged links to Iran’s shadow banking network, while Iranian crude oil exports have plunged. Kpler estimates that Iran loaded about 260,000 barrels per day for export in August, more than 80% below the same month last year.
Despite the pressure, Iran says it has sufficient oil reserves and revenue to meet its budget needs while bypassing the maritime blockade. The standoff has now lasted six months, with the Strait of Hormuz remaining unresolved and no clear end to the broader conflict in sight.
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