Economic Turmoil: Understanding the Rise in Edible Oil Prices Amidst Inflation and Sanctions

Historical Context of Iran’s Economy

Iran’s economic history is marked by a series of significant events that have shaped its current landscape. The discovery of oil in the early 20th century transformed Iran into one of the world’s leading oil producers, providing a substantial source of revenue for the government. However, the nationalization of the oil industry in the 1950s, followed by the 1979 Islamic Revolution, led to a series of economic challenges, including political instability and international isolation.

In the decades that followed, Iran’s economy fluctuated between periods of growth and recession, heavily influenced by global oil prices and geopolitical tensions. The imposition of international sanctions, particularly in response to Iran’s nuclear program, has further exacerbated economic difficulties, leading to a reliance on oil exports while facing restrictions on trade and investment.

January 7, 2026 | 10:08 am