Iranians began voting on July 5 in a presidential runoff between reformist Masoud Pezeshkian and conservative Saeed Jalili, with polling stations opening at 08:00 local time.

The snap election on 28 June failed to produce a clear winner, with Pezeshkian securing 10.41mn votes and Jalili 9.47mn, both falling short of the required 50% threshold.

Supreme Leader Ayatollah Ali Khamenei cast his ballot in the opening minutes, observed by local and foreign media.

In televised debates earlier this week, the candidates largely agreed on measures to address economic woes but diverged on key issues.

Pezeshkian advocated for full implementation of Financial Action Task Force (FATF) recommendations and lifting of US-led sanctions. Jalili, however, pushed for economic diversification to counter the impact of sanctions.

The reformist candidate championed private sector growth, whilst his conservative rival favoured greater state economic control.

The contenders also differed on strategies to achieve the eight-percent economic growth target outlined in Iran's development plan.

Pezeshkian condemned the Raisi administration's unfulfilled promises of doubling employment and building a million homes annually.

"In these three years, only permits for 900,000 homes have been issued," he noted the massive price increases in apartments in Tehran and other cities as part of the broader problem.

"I will act quickly in this regard," he pledged, acknowledging that not all of Iran's economic problems stem from US sanctions.

The Remofist advocated for boosting domestic production through public participation and outlined his plan for economic advancement, which has garnered support from over 140 economists with diverse perspectives.

This runoff comes amidst ongoing tensions with the West over Iran's nuclear programme and economic challenges exacerbated by sanctions.

Polling stations are set to close at 18:00 local time, with a possible extension if turnout requires.