Iran economy · April 2026

The US naval blockade at the Strait of Hormuz has disrupted Iranian oil shipments, stopping at least eight oil tankers linked to Iran and causing a dip in overall traffic. Iran has shifted some exports using a 'dark' offshore network, while a sanctioned Iranian supertanker reached Iranian waters despite US threats. The near-closure of the strait has disrupted jet fuel supplies, and South Korea is locking in large oil reserves to shield itself from risks. Iraq has turned to Syria for oil exports due to the blockade. Wall Street's S&P 500 index closed at a record high, recovering all losses since the start of the US-Iran conflict, as investors grew optimistic about potential diplomatic talks between the US and Iran. The IMF sees a global oil shortfall this year and warns that the Iran war could tip the world into recession. Hermès shares tumbled on weak sales as the Iran war hit luxury demand. The US is probing suspicious oil trades made before Trump's Iran pivots.