Iran in July 2026: the most important developments in economy
In July 2026 Iran's economy was shaped by the renewed conflict with the United States, oil prices and shipping through the Strait of Hormuz. In the first week a ceasefire held, transit through the strait rose, Iran exported oil, and Japan weighed its first Iranian crude imports since 2019. On July 7 the United States revoked a waiver that allowed Iran to sell oil, citing attacks on ships. On July 8 President Donald Trump declared the ceasefire over, and oil rose 5% to 6%. Prices passed $80 on July 9, when tanker traffic nearly stopped. Trump reimposed the US blockade on July 13, and oil jumped 8%. Brent rose above $86 on July 14 after Iran struck two UAE tankers, and returned to $100 on July 23. After the United States paused its strikes on July 27, oil fell 6% to 8%, and it rose again on July 29 when Trump threatened to hit Iran hard.
On sanctions and Iran's own economy, the United States sanctioned more than 50 individuals, entities and vessels tied to Iranian shipping on July 14, and later added insurers, tankers and support for Mahan Air. Trump demanded that Iran be added to a sanctions package aimed at Russia, and on July 24 threatened to use frozen Iranian assets to pay for damage to ships. Iran said it sold $18 billion of oil during the war and ceasefire. The rial hit a record low against the dollar on July 18, more than 90% of Iranians expected prices to rise in the coming year, and Iran reported rising unemployment. On July 28 Gulf states backed an Omani plan allowing Iran to collect voluntary fees from ships in the strait.
The effects reached other economies. Britain faced recession fears as energy costs rose, Japan's yen fell to 163 per dollar on July 22, and China temporarily banned helium exports. The Federal Reserve and the European Central Bank held interest rates. Shell reported profit of $9.8 billion. Iran continued regional trade deals, including a logistics terminal with Kazakhstan and gas talks with Armenia.
by WorldBrief & Maksim Micheliov | AI-generated summary
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