The week just past was the week a ceasefire fell apart. The Islamabad accord, signed on 17 June under Pakistani and Qatari mediation, lasted less than a month; on Wednesday 24 Tir 1405 (15 July 2026) US Central Command (CENTCOM) reinstated its naval blockade of Iranian ports and tension in the Strait of Hormuz reached a new peak. In the same week, the free-market dollar leapt 2.22% on Wednesday to an all-time record of 188,200 tomans, and this Thursday morning it is still trading around that level. The Tehran Stock Exchange is closed and holds no trading session today; this report is the weekly market review and a look at the week ahead.
The pivotal feature of the week was a deep divergence: while the domestic dollar, gold and coin set records, global gold and Brent crude actually fell on the very day the blockade began. Put simply, the global market is pricing this conflict as short and contained, and the domestic market is pricing the opposite. Both cannot be right, and that is the central question of the week ahead.
The week at a glance (latest figures)
| Asset | Level | Change | As of |
|---|
| Free-market dollar | 188,200 tomans (record) | +2.22% | Wed 15 Jul, 19:59 |
| Exchange Center remittance dollar | 149,897 tomans | +0.18% | 15 Jul, 08:06 |
| 18-karat gold (per gram) | 18,360,300 tomans | +2.62% | Wed 15 Jul, 19:59 |
| Emami coin | 184,995,000 tomans | +2.22% | Wed 15 Jul, 19:59 |
| Emami coin premium | 6,271,000 tomans | +25% | Wed 15 Jul, 19:59 |
| TEDPIX (weekly close) | 4,893,834 | −0.63% | Wed 15 Jul, 16:18 |
| IFX (junior board) | 38,271 | −0.07% | Wed 15 Jul, 16:34 |
| Tether (domestic) | 188,500 tomans | ~flat | Thu 16 Jul, 08:00 |
| Bitcoin | $64,607 | −0.62% | Thu 16 Jul, 07:58 |
| Gold (spot, per oz) | ~$4,050 | range $4,030 to $4,060 | Thu 16 Jul |
| Brent crude | ~$85 | near one-month high | Thu 16 Jul |
| Dollar index (DXY) | ~106.3 | six-month high | Thu 16 Jul |
All figures are timestamped and in Tehran time; live domestic prices are based on the Sahmino prices page and the latest free-market data. Because the bourse is closed today, equity figures are Wednesday's close, while the global and crypto figures, which have no weekly break, were refreshed on Thursday morning.
The week's key headlines
- The naval blockade returns: On Wednesday 15 July, CENTCOM announced it had resumed the naval blockade of traffic to and from Iranian ports; this was the fourth consecutive night of strikes, and the dispute over control of the Strait of Hormuz, the waterway through which roughly one-fifth of the world's energy passes, moved to the center of the conflict (per CNN and NPR, 14 July).
- A fresh dollar record: The free-market dollar rose about 4,090 tomans (2.22%) on Wednesday to 188,200 tomans, roughly double its level a year ago (per Tejarat News and Ettelaat Online, based on market data).
- Coin premium leaps: The Emami coin premium jumped about 25% in a single day to around 6,271,000 tomans, a sign of demand fleeing into portable physical assets rather than a simple inflation hedge.
- Eyes on Doha: On Thursday morning currency traders are watching the outcome of mediation talks in Doha; Qatar and Pakistan remain the principal mediators, and Foreign Minister Abbas Araghchi had earlier travelled to Oman to discuss a mechanism for passage through Hormuz (per the daily Shargh).
- Soft US inflation, but rate-hike bets revived: US annual inflation for June eased to 3.5% (from 4.2% the prior month) and the monthly index turned negative for the first time since 2020; yet the jump in oil revived inflation fears and lifted market bets on a Federal Reserve rate increase in September (per global market-data sites).
Currency
Currency was the unambiguous star of the week. The free-market dollar, which began the week below its record, jumped 2.22% on Wednesday to 188,200 tomans and is still trading around 188,250 tomans this Thursday morning. The Exchange Center remittance rate, by contrast, stayed at 149,897 tomans, meaning the gap between the official rate and the open market is still about 25%. If you want to understand why Iran has several dollar rates, this explainer helps, and you can follow the live rate on the currency prices page.
Why: The main engine of this week's jump was security uncertainty after the ceasefire collapsed and the blockade returned, which kept hedging demand for foreign currency high. This is the "data fact"; anything said about where the trend goes next is observation, not a buy or sell recommendation.
Gold and coin
Domestic gold and coin closed the week at fresh records. A gram of 18-karat gold rose 2.62% on Wednesday to 18,360,300 tomans, and the Emami coin held at 184,995,000 tomans (+2.22%). You can follow the figures on the gold prices and coin prices pages. The key point of the week was the roughly 25% one-day leap in the Emami coin premium to around 6,271,000 tomans.
Why this number matters: The premium is the gap between the coin's market price and the intrinsic value of its metal. When the premium jumps like this in a day, it means buyers are willing to pay extra simply to hold the coin physically, the signature of distrust and a flight into portable assets. In the global market, spot gold, after touching a peak near $4,080 on Tuesday, pulled back to around $4,030 to $4,060, so on the very days domestic gold was setting records, its global driver was cooling slightly. The engine of the domestic gold price is a blend of the global ounce and the dollar rate, and this week the dollar carried more of the weight.
Stocks
The Tehran bourse, at the opposite pole from the parallel market, endured another red week. TEDPIX closed Wednesday 15 July down 0.63% at 4,893,834 and stayed below the 4.92 million and 5 million psychological thresholds; the live index tracks the move. At Tuesday's close (23 Tir), real-money outflow had reached negative 3,275 billion tomans and about 51% of symbols were in the red (per Tejarat News and Ta'adol).
Why: Part of the decline is the continued rotation of money out of equities and into gold, coin and currency; when the daily return on parallel assets outpaces stocks, retail investors take shelter in the safer market. The second factor is uncertainty over when the war-damaged symbols (which make up a large share of market value and have stayed halted through late Tir) will reopen, alongside security uncertainty. The key gauge for next week is how the index behaves in Saturday's first session.
Crypto
The global crypto market had a low-volatility week. Bitcoin trades around $64,607 on Thursday morning, down a slight 0.62% (equivalent to roughly 12.18 billion tomans), and Ethereum sits near $1,865 after its recent gain. Tether in the domestic market is around 188,500 tomans this morning, effectively level with the free-market dollar. The standing point for the Iranian reader is that the toman price of a cryptocurrency carries two variables at once: the global dollar price and the domestic dollar rate, which is exactly what turns Tether into a mirror of the exchange rate.
Iron and steel
In the physical steel market, the week's last confirmed prices are from Wednesday 15 July: factory-grade ribbed rebar (Aryan Foulad sample) was about 66,820 tomans per kilogram in size 10 and about 65,550 tomans in size 12. Domestic steel prices are fed mainly by two drivers: the exchange rate, which lifts the cost base, and the trend of global steel and iron-ore prices. With the dollar consolidating at a fresh record, the price floor in the steel market has stayed elevated. Offerings and cleared prices on the Iran Mercantile Exchange next week will be the main gauge of the steel trend.
Cars
The car market had no fresh, confirmed price event at week's end and is mostly driven by two variables: the dollar consolidating at a record 188,000 tomans, which keeps the open-market price floor high, and factory-pricing decisions (the Competition Council and the Ministry of Industry) that set the gap between factory and market price (the market margin). Until fresh official pricing news is published, this market largely tracks the exchange rate.
Building materials
In building materials, based on the week's latest figures, a ton of bulk Portland type-2 cement (Tehran Cement sample) was about 4,014,000 tomans, and a 50-kilogram bag ranged from 218,000 to 258,000 tomans depending on brand (5 July). The main drivers here are seasonal construction demand and energy costs, and the trend usually lags the jump in the exchange rate. With power cuts beginning in some areas, energy cost is a variable worth watching.
Regional and global backdrop
In the global market, the week held an interesting contradiction. Brent crude stayed around $85, near a one-month high under the pressure of Hormuz tension, while WTI traded around $80; Hormuz restrictions have kept the oil price floor elevated. Yet spot gold fell on the very day the blockade began, pulling back from a peak near $4,080 to around $4,030 to $4,060. The dollar index (DXY) reached about 106.3, its highest in six months, itself fed by expectations of a more hawkish Federal Reserve. In global FX, the euro/dollar pair held at 1.146. In Iran's neighborhood, the Turkish lira around 47.06 to the dollar and the Chinese yuan near 6.77 were roughly unchanged, and the dollar traded near 1,311 dinars in the Iraqi market; regional currencies were calm, and the main channel to Tehran remains the swings in oil, the global dollar and global gold.
Why this divergence matters: The fall in global gold and the relative calm in Brent mean global capital is pricing this conflict as short and limited and does not believe in a full closure of Hormuz. But the domestic market, with its leaping coin premium, says the opposite. We lay out this divergence and its asymmetric risk in full in our report "The day Iran's ports were blockaded, global gold got cheaper."
What to watch in the week ahead
The most important variable next week is the diplomatic track: the outcome of the Doha talks and any signal about the blockade and the status of the Strait of Hormuz will bear directly on the exchange rate and gold. Domestically, watch these: the Tehran bourse's reaction in Saturday's first session, news of the next gold-ingot auction at the Exchange Center and its effect on the coin premium, the timing of the reopening of war-damaged symbols, offerings and cleared prices on the Iran Mercantile Exchange (steel and cement), and any fresh Central Bank statement on FX policy. Globally, the path of spot gold, the oil price and any fresh signal from the Federal Reserve on the September rate matter. You can see scheduled events on the Sahmino events calendar. This list is for watching only and contains no buy or sell recommendation.
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