Iran’s GDP shrinks 10.1% during wartime attacks

Iran's economy experienced a significant contraction in the first quarter of 2026, with a 10.1% year-on-year drop in GDP, according to data reported by Ajel English. This decline is attributed to ongoing attacks by Israel and the US.

The conflict in the Middle East has also had an impact on oil prices, which have been steadily increasing over the past few weeks. According to Qatar Tribune Business, Brent crude futures and USWTI crude prices have been affected by the resumed attacks between the US and Iran, as well as the military activities of the Iran-aligned Houthis.

The Strait of Hormuz has been largely cut off, with only a few commodity vessels passing through, and Asia spot liquefied natural gas prices have reached a new 45-month high due to disruptions caused by the conflict and strong demand in South Asia.

Brief written by urgent.news from Ajel English, Qatar Tribune Business — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.