Iran confronts war-induced economic pain, pledges diplomacy and defense

Iran’s leadership acknowledged the economic damage from six months of conflict and sanctions, with exports and imports down about 35% and inflation around 66%, and pledged to pursue diplomacy while strengthening defense and maintaining control of the Strait of Hormuz. The government said its focus is stabilizing the economy, creating jobs, and reducing dollar dependence, noting roughly 90 million barrels of oil sold under a June MoU with the United States as they stress unity amid hardship and warn of potential “surprises” for adversaries.