Iran and US in Standoff: Global Economic Impacts

Amid a six-month diplomatic deadlock, Iran has set a condition for resuming provisional agreement commitments: the United States must first fulfill its part. This announcement came during the Shanghai Cooperation Organization summit in Bishkek, where Iranian President Masoud Pezeshkian emphasized that war serves no one's interests and that Teheran remains open to negotiated solutions. The memorandum of understanding, signed in June, was quickly undone due to disagreements over its implementation, with Iran demanding freedom of navigation through the Strait of Hormuz as a condition for its compliance.