"I thought that oil prices would go much higher." Bessent said he's confident the suspension of sanctions on Iran will benefit the U.S. economy in the long run.

IAEA and Iran remain at the center of international scrutiny as Rafael Grossi urges Tehran to re-engage with inspectors while Western powers push a new resolution on nuclear sites and enriched uranium.

On January 29, 2026, representatives of Iran, China, and Russia reportedly signed a trilateral agreement described as focusing on economic cooperation, military coordination, and joint opposition to Western sanctions. The reported terms also allegedly emphasize nuclear sovereignty within the context of Iran's existing commitments under the 2015 Joint Comprehensive Plan of Action.

Iran’s economy remains structurally dependent on the oil sector, which serves as a primary source of revenue and influences foreign relations. This reliance is rooted in historical developments dating back to the early 20th century, following initial discoveries in the Masjid-i-Suleiman region.