Iran president says time to end war from position of strength

Iranian President Masoud Pezeshkian has called for an end to the six-month-old war with the United States, asserting that Tehran holds a position of strength and dignity. However, diplomatic efforts remain stalled following the expiration of a June memorandum of understanding. While the U.S. maintains a naval counter-blockade against Iran's partial closure of the Strait of Hormuz, President Donald Trump and Treasury Secretary Scott Bessent are preparing to launch a massive economic sanctions campaign on August 24, 2026, aimed at collapsing the Iranian regime. Iranian officials have dismissed the threats as "economic terrorism" and asserted their military readiness.

Iran-US military conflict

• ▪Iranian President Masoud Pezeshkian stated on August 21, 2026, that it was time to end the months-long war with the United States because Tehran is in a position of power and dignity
• ▪U.S. President Donald Trump stated on August 21, 2026, that Iran is not ready to make the "right deal" and asserted that the United States has total control over the Strait of Hormuz region
• ▪The war between the United States, Israel, and Iran, which began in February 2026, remains locked in a diplomatic stalemate with peace talks currently on hold

Strait of Hormuz blockade

• ▪Tehran continues to keep the strategic Strait of Hormuz partially shut while the United States military persists with a naval counter-blockade of Iran
• ▪Omani Foreign Minister Badr Al-Busaidi and Iranian Foreign Minister Abbas Araghchi held a phone call on August 21, 2026, to discuss creating conditions for resuming dialogue and securing navigation in the Strait of Hormuz
• ▪The United States navy has been organizing and protecting secret tanker convoys through the southern sector of the Strait of Hormuz, enabling the export of 5 to 10 million barrels of oil per day

June peace memorandum

• ▪The 60-day bilateral memorandum of understanding aimed at negotiating an end to the war between the United States and Iran has expired, leaving diplomatic efforts stalled
• ▪Iranian President Masoud Pezeshkian defended the June 2026 memorandum of understanding with the United States, asserting that the agreement did not signal a capitulation or defeat for Tehran

US economic sanctions escalation

• ▪U.S. Treasury Secretary Scott Bessent announced that Washington plans to collapse the Iranian regime through a coordinated economic isolation campaign, with details to be released on August 24, 2026
• ▪U.S. President Donald Trump warned that any country providing any type of economic lifeline to Iran, including financial institutions, businesses, or airports, will face tremendous economic consequences
• ▪Chinese Foreign Ministry spokesman Lin Jian criticized the planned U.S. sanctions on August 21, 2026, stating that pressure tactics will not resolve the Middle East conflict and calling for political solutions

Iranian domestic political responses

• ▪Iran's Parliament Speaker Mohammad Baqer Qalibaf stated on August 21, 2026, that the U.S. shift to economic warfare proves that the United States and Israel realized they cannot handle Iran militarily
• ▪Major-General Ali Abdollahi, chief of staff of Iran's armed forces, warned that the military remains prepared across all domains to deliver a devastating response to any new enemy threats
• ▪Iran's Foreign Ministry condemned the proposed U.S. sanctions campaign as "economic terrorism" and "crimes against humanity," calling for the trial and punishment of its instigators
• ▪Iranian Foreign Minister Abbas Araghchi dismissed the U.S. "Economic D-Day" plan as a failed strategy and a diversion from the United States' own domestic debt and interest crises

10 sources