The United States and Iran have reached a preliminary agreement to end the ongoing conflict, driven by both sides' inability to ignore the political and economic burdens resulting from the prolonged hostilities.
According to reports from Reuters on June 14, the two nations have agreed on a basic framework to conclude the war, which includes lifting the U.S. maritime blockade against Iran and reopening the Strait of Hormuz. An official signing of the memorandum of understanding (MOU) is scheduled for June 19 in Switzerland, while key issues such as Iran's nuclear program will be addressed in further negotiations over the next 60 days.
President Donald Trump is reportedly under significant pressure due to rising gas prices and living costs. A poll conducted by Reuters and Ipsos on June 8 revealed that Trump's approval rating has dropped to 35%, the lowest of his second term.
In the same survey, 59% of respondents anticipated that gas prices in the U.S. would worsen over the next year, and 70% expressed negative views on the government's handling of living costs. Analysts noted that the increase in gas prices since the onset of the conflict has created political challenges for Trump and the Republican Party.
Public sentiment regarding the war itself is also unfavorable. Approximately 53% of respondents in the same poll indicated that U.S. military actions against Iran were not justified.
Iran is facing severe economic difficulties as well. According to Reuters, the Iranian rial fell to a record low of 1.81 million rials per dollar at the end of April. The prominent Arab media outlet Al Jazeera reported that the annual inflation rate reached 77.2% from April 21 to May 20, citing data from the Central Bank of Iran.
The month-to-month inflation rate was recorded at 8.5%, with prices in the goods sector soaring by 113% compared to the same period last year. Al Jazeera noted that this inflation rate is the highest since World War II in 1942.
Living conditions have deteriorated significantly. The Iranian online economic media outlet Eghtesad News reported on May 22 that high inflation has altered household consumption patterns. More consumers are opting for installment payments rather than purchasing new goods outright, leading to a noticeable increase in the second-hand market.
Previously, installment purchases were primarily limited to high-value durable goods like refrigerators, TVs, and washing machines, but this trend has now expanded to include groceries and essential items. Some supermarket chains and retailers are offering bundled grocery and essential goods for installment payments over four to eight months, with advertisements for installment purchases of dairy products, detergents, and hygiene items also emerging.
Masouhadi Pirouz, a 63-year-old retiree, told Al Jazeera, "A year ago, the price of 1 kilogram of rice was about 1.8 million rials, or approximately $1.31, but now it has surpassed 5 million rials, over $3.63."
* This article has been translated by AI.
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