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Economic Impact Estimates
Estimated impact of military strikes on Iran's production units.
Primary Sources
Israel's strikes and Trump's blockade have battered Iran's economy
CAIRO (AP) — In the heartland of Iran’s famed carpet-making industry, manufacturing has ground to a near halt. Dairies struggle to find packages for milk and butter. Giant steel mills that once drove Iran’s economy have gone silent. Hundreds of thousands have lost jobs, and millions more are at risk.Over more than five weeks of bombardment, U.S. and Israeli strikes hit thousands of factories. The damage is reverberating across Iran’s economy, threatening increasing waves of layoffs, even as Iranians face skyrocketing prices. The cost of chicken is up 75% the past month, and beef and lamb jumped 68%. Many dairy products have increased by half.It could get worse as the United States blockades Iranian ports, choking off many imports and oil exports that bring in billions of dollars. Economic woes sparked the mass protests that were crushed before the war and could again push Iranians into the streets. Still, Iran has its own weapon pointed at the global economy, with its grip on the Strait of Hormuz. Iran’s leaders say they will only reopen the key waterway for global energy if the blockade is lifted and the war ends. They are betting that an economy built to be self-reliant under decades of international sanctions can endure the pain longer than U.S. President Donald Trump. 1 MIN READ 2 MIN READ 2 MIN READ Iran has lost at least 1 million jobs directly because of the war, Deputy Labor Minister Gholamhossein Mohammadi said, according to state media. But the ripple effects put some 10 million to 12 million jobs at risk — half of Iran’s labor force — warns Hadi Kahalzadeh, an Iranian economist. Steel and petrochemical production is crippledIsrael claimed to have struck the industrial base of Iran’s paramilitary Revolutionary Guard. But the strikes went well beyond, hitting facilities not owned by the force.Airstrikes damaged 20,000 factories, some 20% of the country’s production units, according to Kahalzadeh, a research fellow at Brandeis University. The stricken facilities included Tofigh Daru, Iran’s largest pharmaceutical holding, producing anticancer drugs among other things. Optics and chemical developers, and aluminum and cement factories, were also hit. Perhaps most damaging, Israel hit Iran’s biggest steelmaking and petrochemical factories, most of them in a wave of strikes just before the April 8 ceasefire. The two biggest steel producers, Mobarakeh Steel and Khuzestan Steel, as well as smaller mills, halted production. More than 50 petrochemic...
Live Updates: Iran war and Strait of Hormuz stuck in limbo as Trump ...
6:17 PM / April 28, 2026 Rising oil prices pull Wall Street off its record highs Another climb in oil prices because of the Iran war helped pull Wall Street off its record highs on Tuesday.The S&P 500 fell 0.5% from its latest all-time high. The Dow Jones Industrial Average dropped 25 points, or 0.1%, while the Nasdaq composite fell 0.9% from its own record.The price for a barrel of Brent crude oil to be delivered in June climbed 2.8% to settle at $111.26. Brent to be delivered in July, which is where more of the trading is happening in the oil market, rose 2.7% to $104.40.After sitting around $70 in late February, Brent prices are moving closer to their peak of $119 reached when worries about the war have been at their heights.Meanwhile, the average price for a gallon of gasoline in the United States reached $4.18 on Tuesday, the most since 2022, according to AAA. 5:10 PM / April 28, 2026 U.K. ambassador, in leaked remarks, said the "one country" with a "special relationship" with the U.S. is "probably Israel" Britain's Ambassador to the U.S., Sir Christian Turner, said in February, before the U.S. and Israel launched their joint war with Iran, that to him it seemed the "only country" to have a "special relationship" with the U.S. was "probably Israel." Turner made the remarks to a group of British high-school age students visiting the U.S. A recording of the comments was obtained by the Financial Times and reported by the newspaper on Tuesday.Turner said that he didn't like the term "special relationship," coined by Prime Minister Winston Churchill in the wake of World War II, to describe the U.S.-U.K. bond, calling it "quite nostalgic" and "backwards-looking," according to the FT."I think there is probably one country that has a special relationship with the United States," he said, "and that is probably Israel."CBS News has not reviewed the audio of his remarks, but the British government has not denied their authenticity.Read more here. 4:53 PM / April 28, 2026 U.S. issues new sanctions targeting Iran's "covert financial network" The U.S. Treasury announced new sanctions against 35 entities and individuals accused of operating in Iran's "covert financial network.""Iran's shadow banking system serves as a critical financial lifeline for its armed forces, enabling activities that disrupt global trade and fuel violence across the Middle East," Treasury Secretary Scott Bessent said Tuesday in a statement posted to social media.The Treasury said Ir...
Day 55 of Middle East conflict - Israel-Lebanon truce extended | CNN
US forces patrol the Arabian Sea near the Iranian flagged M/V Touska, April 20, after the vessel attempted to violate the US naval blockade. US Navy.
No headway in Middle East peace efforts as US and Iran refuse to ...
About 2,500 people have been killed in Lebanon, where Israel launched a relentless offensive after Hezbollah fired missiles into Israel in retaliation for the ...
