Small independent refineries in Shandong province — known as teapots — have given China a flexible buffer against the Iran war oil disruption, processing discounted Iranian and Russian crude outside mainstream channels.
Khuzestan Steel Company and Mobarakeh Steel Company — Iran's biggest steel producers — have ceased operations following multiple rounds of air strikes, with officials warning restart could take up to one year.
Proposal covers sanctions relief, nuclear rollback, missile limits, and reopening of Strait of Hormuz
Iran broadens the conflict by formally declaring US and Israeli economic and banking interests as legitimate military targets, raising fears of attacks on financial infrastructure
Economy struggles under Western restrictions while regional powers compete for influence
Domestic production increases in key sectors as parallel import schemes and Asian partnerships offset Western sanctions
Currency falls below 100 per dollar mark as sanctions impact deepens and war costs mount