TEHRAN — Iran’s foreign trade has declined by nearly 35% because of American sanctions and a naval blockade of Iranian ports, President Masoud Pezeshkian told state media. Annual inflation reached 66% during the latest reported month, further weakening household purchasing power.Iranian leaders have acknowledged growing pressure from unemployment, rising prices and instability in currency and consumer markets. Supreme Leader Ayatollah Mojtaba Khamenei called on the government to respond more effectively to the country’s economic and livelihood problems.The United States has expanded sanctions against institutions and individuals accused of maintaining financial links with Iran. The latest measures include action involving Egypt’s Banque Misr, which said it was reviewing the American notice, as well as a Hong Kong-based entity and a person linked to Iran’s Bank Melli.Regional mediation involving Qatar and Pakistan continues, but disputes over Iranian oil sales and navigation through the Strait of Hormuz remain unresolved.Why it matters: Extended economic pressure could intensify domestic hardship in Iran and continue affecting international shipping, energy supplies and oil prices.
