Economy · September 2026

Iran on September 1 said it has sufficient foreign currency reserves despite US sanctions, as fresh clashes between Washington and Tehran pushed oil prices higher and rattled global markets. US Treasury Secretary Scott Bessent vowed to 'asphyxiate' Iran with sanctions, targeting the Islamic Revolutionary Guard Corps' offshore accounts and luxury homes, and said Washington is likely to announce new bank sanctions this week. Oil extended gains, European gas prices hit their highest since 2023, and US stocks fell as investors weighed supply risks in the Strait of Hormuz and inflation concerns. Iran's parliament speaker urged citizens to cut petrol use, while Iraq's SOMO denied links to an Iran-linked sanctioned tanker. Iran unveiled a plan to convert power supply into higher GDP growth. A blockade is succeeding where sanctions failed, as Iran's oil exports stall. Shein shares fell on their Hong Kong debut, weighed down by parcel duties and Iran-related costs.