Economy · July 2026

The International Energy Agency warned on July 10 that an escalation of the US-Iran conflict could threaten the expected oil market surplus in 2027. China temporarily banned helium exports as US-Iran tensions flared again, with the move also linked to fears that an Iran war could disrupt global chip supply. The US imposed new sanctions on Iran and IRGC-linked entities following attacks in the Strait of Hormuz. Japan's corporate goods prices rose 7.1% in June. Russia’s Rosatom said six employees began returning to Iran’s Bushehr plant. Iran oil stuck at sea surged as China's teapot refineries turned to rival Middle East supplies, traders said. Oil steadied at the end of a volatile week as the US and Iran kept talking.