In an interview with state media, Iranian President Masoud Pezeshkian acknowledged the severe economic challenges facing Iran, attributing them to U.S. pressure that is constricting trade and protecting shipping through the Strait of Hormuz. Pezeshkian cited inflation exceeding 80%, a projected 6.1% economic contraction for 2023, and over one million job losses as evidence of the mounting difficulties. He emphasized that despite possessing military assets such as missiles and bombs, these are “of no use” in the current context, suggesting a recognition of their limited efficacy against the economic and strategic pressures imposed by the United States.

The naval blockade enforced by the U.S. has not only curtailed Iran’s oil exports but also restricted essential imports, including gasoline, exacerbating domestic shortages and long queues at fuel stations. Pezeshkian highlighted the government’s efforts to manage fuel demand and prices while cautioning against imposing further burdens on a populace already under significant strain. He estimated a 25%-35% decline in Iranian trade, with crude export loadings plummeting by over 80% compared to the previous year, according to trade intelligence firm Kpler. Concurrently, U.S. military actions, including the recent strike on Iranian rocket launchers in the Strait of Hormuz, have undermined Iran’s capacity to impede maritime traffic, facilitating a partial recovery of oil flows through the strait, albeit still below pre-tension levels. Source

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