Iran in June 2026: the most important developments in economy
Iran's economy in June 2026 was dominated by the US-Iran deal to reopen the Strait of Hormuz and its effect on oil prices and world markets. The month began with oil up more than 8 percent after Iran suspended talks with the US, and prices jumped again on June 8 after Iran and Israel exchanged missile strikes. On June 14 and 15 the two sides reached a preliminary peace deal. Global stocks rallied, several major indexes closed at record highs, and oil fell to a three-month low. Crude dropped below $80 on June 16, reached its lowest level since the war began on June 18, and fell below $70 on June 24. At month end about 600 ships were still waiting to cross the Strait, and Allianz put the value of stranded vessels and cargo at around $125 billion.
Sanctions and frozen money followed. Iranian media reported that the US would release $12 billion in frozen assets, and on June 29 Iran said Qatar would release $6 billion, contradicting President Trump. On June 22 and 23 the US Treasury issued a 60-day waiver on Iranian oil exports, tied to the return of nuclear inspectors, which Iran denied agreeing to. Iran exported about 40 million barrels between June 15 and June 24, according to TankerTrackers. Earlier the US had sanctioned the Nobitex crypto exchange, and the EU had sanctioned the Revolutionary Guards. On June 30 the US said China was the only buyer of Iranian oil.
The war's cost to the wider economy stayed in view. The World Bank called it the worst hit to the global economy since COVID-19, and the European Central Bank raised interest rates for the first time in three years. Iran reported inflation of 83 percent in early June and 88.6 percent at month end.
The Strait's future terms stayed open. Iran announced fees for passage after a 60-day negotiation window and proposed a $40 billion toll plan, while Oman said it would impose no tolls.
by WorldBrief & Maksim Micheliov | AI-generated summary
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