Iran’s president admits ‘we have many problems’ and missiles ‘are of no use’ as the U.S. chokes its economy while weakening Tehran’s grip on Hormuz

Iranian President Masoud Pezeshkian acknowledged his country’s economic woes amid pressure from the U.S., which is strangling its trade while protecting other countries’ ships carrying oil through the Strait of Hormuz.

Recent weeks have seen Tehran lose leverage over the critical energy choke point as traffic picks up, especially via a southern route along Oman’s coast.

At the same time, warnings about Iran’s economy from Pezeshkian and the regime’s other relative moderates have been mounting.

In an interview with state media on Friday, he signaled defiance in the face of all the economic pressure and credited Iran’s resilience to its unity.

“We have many problems,” Pezeshkian said, according to a Google translation.

“There’s inflation, economic issues, employment, and many other problems, but the people are with us.” Indeed, inflation has soared above 80%, with prices for certain food staples up 100%.

The International Monetary Fund said in April Iran’s economy will shrink 6.1% this year, the worst contraction in decades.

And a labor ministry official estimated that more than 1 million jobs had been lost by late May.

In an apparent dig at Iranian hard-liners who reject negotiations with the U.S. and favor continued war, Pezeshkian added that “we may have many things; we may even have missiles and bombs, but they are of no use.” He later noted that imports, including gasoline, are not coming into the country.

The naval blockade has not only prevented Iran from exporting oil via its ports, it has also kept out imports of refined fuels that Iran needs despite being a major oil producer.

That has created shortages and long lines at gas stations, made worse by deep subsidies that encourage excess consumption.

In the interview, Pezeshkian described efforts to curb fuel demand and hike prices, but hinted they can’t go too far.

“We shouldn’t make someone whose life revolves around gasoline suffer,” he explained.

“We shouldn’t put more pressure on those who are already under pressure.