Iran in January 2026: the most important developments in economy
Iran's economy in January 2026 was dominated by oil-price swings tied to the prospect of US military action, alongside new sanctions and a weeks-long internet shutdown. Oil reached a seven-week high on 12 January on worries about Iranian exports, the same day President Donald Trump announced a 25% tariff on goods from any country that trades with Iran; China criticized the move. On 15 January oil fell sharply and stock markets rose after Trump made remarks that eased concerns about immediate escalation. Prices climbed again as the United States sent a naval force toward Iran, and on 29 January oil rose above $70 a barrel while gold hit a record near $5,600. At month end oil stood near a six-month high.
The United States sanctioned Iranian officials on 15 January, including an aide to Supreme Leader Ali Khamenei, added measures on 16 and 23 January, and on 30 January targeted the interior minister; Secretary of State Marco Rubio also barred senior officials and their families from entering the country. The G7 threatened new sanctions, and on 29 January the EU imposed sanctions on 15 officials, including top Revolutionary Guard leaders. India liquidated its stakes in the Iranian port of Chabahar, then said it was exploring ways to keep a presence there. The United States also threatened to restrict Iraq's access to oil dollars.
The internet shutdown that began around 8 January weighed on Iranian businesses. Service was partly restored on 17 January, went down again, and officials repeatedly promised full restoration. Activists warned of a permanent break from the global internet, and a monitor said the jammers blocking Starlink terminals most likely came from Russia. By 30 January the blackout was beginning to lift. Iran separately reported a steep rise in exports after a foreign exchange policy shift.
Air travel was disrupted. Turkish Airlines canceled Istanbul-Tehran flights, Iran closed its airspace for several hours on 15 January, and Lufthansa Group, Air France and KLM limited or canceled flights to Israel. Russia said it was ready to evacuate staff from the Bushehr nuclear plant if necessary.
by WorldBrief & Maksim Micheliov | AI-generated summary
Click a day in the chart above for that day's brief.