Iran's Economy Crippled by Strikes, Blockade

Iran's economy is facing a severe crisis due to a combination of U.S. and Israeli military actions and economic blockades. Over five weeks, U.S. and Israeli strikes have hit thousands of factories across Iran, including major steelmaking and petrochemical facilities like Mobarakeh Steel Company and Khuzestan Steel Company, and pharmaceutical holdings such as Tofigh Daru. This bombardment has led to the halt of manufacturing, crippling Iran's two biggest non-oil exports and causing widespread layoffs, with at least 1 million jobs lost and up to 12 million at risk. The U.S. blockade on Iranian ports further exacerbates the situation by choking off imports and oil exports, leading to skyrocketing prices for essential goods. In response, Iran's leaders are leveraging their control over the Strait of Hormuz, threatening to close the vital global energy waterway if the blockade is not lifted and the war ends. The economic woes have also been compounded by the shutdown of the internet and a cut-off of trade by the United Arab Emirates following Iranian strikes. Despite the immense pressure, Iran is attempting to project resilience, relying on its self-reliant economy and existing reserves of vital supplies, but the long-term recovery hinges on the lifting of international sanctions.