Iran's economy experienced a sharp decline, with its gross domestic product (GDP) dropping by 10.1% between the end of March and the end of June, according to official data released by the Statistics Center. This decline occurred during a period of heightened regional conflict involving Israel and the United States, which began in late February and lasted nearly two months before a ceasefire was reached in April. However, tensions flared again in June when both sides accused each other of violating the agreement, leading to renewed hostilities. Iran's economy, which heavily depends on oil and gas exports, was further strained by the United States reimposing a blockade on Iranian ports. This measure significantly limited Iran's ability to export oil, a critical source of revenue. During the previous U.S. blockade, which lasted from April to June, Iran reportedly could not export a single barrel of oil, according to Mohammad Bagher Ghalibaf, Iran's chief negotiator and head of parliament. The economic strain has been compounded by high inflation, which reached nearly 70% over one year, with an official figure for August showing a 69.9% increase in prices. The Iranian rial has also seen a dramatic decline in value against foreign currencies, with one U.S. dollar exchanging for about 2.3 million rials on the black market. This devaluation has made imports more expensive and worsened the living conditions of ordinary Iranians, who are already struggling with rising prices and limited access to basic goods. The International Monetary Fund (IMF) has predicted a further contraction of 5.4% in Iran's GDP for the year, based on its latest forecasts published in July. This outlook reflects the ongoing challenges Iran faces in stabilizing its economy amid both internal and external pressures.