Iranian leaders acknowledge severe economic toll of war with US as sanctions intensify; Iran prepares conditions for reopening Strait of Hormuz

Iranian leaders are openly acknowledging the significant economic impact of the ongoing conflict with the United States, with the supreme leader urging the government to address the hardships faced by the populace. President Masoud Pezeshkian reported that foreign trade has shrunk by approximately 35% due to American sanctions and a naval blockade. Concurrently, Iran's Secretary of the Supreme National Security Council, Mohsen Rezaei, stated that Iran is compiling a list of conditions for reopening the Strait of Hormuz, following requests from mediators. The US has intensified its economic pressure, imposing sanctions on Egypt's Banque Misr and an entity in Hong Kong linked to Iran's Bank Melli. US military commanders have also confirmed that all Iranian naval mines in the Strait of Hormuz have been cleared.