Iranian official warns of economic pain and potential US attack

The Iranian economy is under significant pressure amid inflation approaching 90% and a U.S. embargo that restricts oil exports. The rial has also been deteriorating, losing about 25% of its value over the past two months, leading to higher prices for goods and a decline in citizens' purchasing power. While oil flows through the Strait of Hormuz are recovering despite Iranian threats, there are looming risks of potential military escalation, as the Iranian Revolutionary Guard announced its readiness to respond forcefully to any American or Israeli attack. Tensions—both political and military—are expected to continue rising ahead of the U.S. elections in November.

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