Iran admits trade collapse as US blockade hits 82 ships after six months of war

Iranian President Masoud Pezeshkian admitted on Friday, 28 August, that U.S.-led sanctions and a naval blockade have crippled the national economy, marking a shift in rhetoric as the conflict with the United States enters its sixth month. In a televised interview, Pezeshkian confirmed that Iran’s foreign trade has plummeted by 25 to 35 percent, leading to a proposal to increase domestic petrol prices to offset the fiscal deficit. Economic Warfare Intensifies The admission follows a declaration by U.S. Treasury Secretary Scott Bessent on Monday, 24 August, outlining a strategy of "economic asphyxiation" against Tehran. The U.S. Central Command (CENTCOM) reported that as of Friday, 28 August, naval forces had redirected 82 commercial vessels, disabled three, and boarded two others to enforce the blockade. Despite the pressure, the Iranian government stated on Saturday, 29 August, that it remains committed to maintaining control over the Strait of Hormuz while seeking a negotiated settlement. Regional Diplomatic Maneuvers Kuwaiti Foreign Minister Sheikh Jarrah Jaber Al-Ahmad Al-Sabah held urgent consultations on Saturday, 29 August, with his counterparts in Oman and Qatar. According to the Kuwait News Agency (KUNA), the discussions focused on ensuring the freedom of maritime navigation in the Strait of Hormuz and regional stability. Concurrently, Dr. Anwar Gargash, Diplomatic Adviser to the UAE President, dismissed recent media campaigns against the UAE as "desperate," stating…