Iran Admits US Sanctions Are Hurting Economy as Oil Trade Slumps 25%-35%, Fuel Shortages Worsen: 'We Have Many Problems'

Namrata Sen

Tue, September 1, 2026 at 7:31 PM GMT+3 4 min read

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Iran's President, Masoud Pezeshkian, has addressed the economic hardships his nation is experiencing due to U.S. sanctions. In a recent interview with state media, he underscored the necessity of national unity to overcome these challenges.

In an interview with Tasnim News on Friday, Pezeshkian pointed out several issues, including inflation, unemployment, and trade restrictions. "We have many problems…but the people are with us," he stated, according to a Google translation of the Persian conversation. He warned that military might alone cannot salvage a nation if its unity is compromised.

"If this unity is broken….We may even have missiles and bombs, but they are of no use," The Iranian President said.

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He also mentioned that imports, including gasoline, are not reaching Iran due to a naval blockade. This blockade has not only impeded Iran's oil exports but also led to shortages and long queues at gas stations. Despite being a major oil producer, Iran is grappling with the import of refined fuel.

The President discussed efforts to reduce fuel demand and raise prices, but warned against further burdening those already under pressure. He estimated that Iranian oil trade has decreased by 25%-35%, with imports falling significantly more than exports.

"Saying that sanctions have no effect is not consistent with these facts," Pezeshkian stated.

Iran's Economic Crisis Deepens Amid Conflict

The economic challenges Iran is facing are deeply rooted in the ongoing conflict with the U.S. The Trump administration is tightening financial pressure on Iran, targeting a shadow-banking network accused of moving $1.8 billion through 103 companies to help Tehran evade sanctions. The crackdown could increasingly put China in Washington's crosshairs, given Beijing's role as Iran's major oil buyer and economic lifeline.

Iran is grappling with inflation above 80%, food prices rising by 100%, and a projected 6.1% economic contraction, as per the IMF. More than 1 million jobs were also estimated to have been lost by late May.

The U.S. military said that it has cleared Iranian sea mines from key shipping lanes in the Strait of Hormuz, reopening internationally recognized transit routes after months of operations. On Sunday, U.S. forces struck two Iranian launchers after detecting IRGC preparations to fire rockets carrying sea mines into the Strait of Hormuz. Iran retaliated with missile and drone strikes on two U.S. bases in Jordan, while Jordan said it intercepted eight missiles with no casualties or damage. The strikes marked the first U.S. attacks on Iranian targets since late July.

At the time of writing, Brent crude oil futures expiring in October were trading 5.68% higher at $91.01 per barrel, while WTI crude futures expiring in October were trading 3.36% higher at $86.15 per barrel.

Image via Shutterstock

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