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Robin Brooks highlights that Iran's balance of payments data for Q4 2025 shows a steep drop in energy exports, emphasizing their central role in the country's economy.
According to Brooks, the decline is a result of the U.S. blockade, which has caused shortages as Iran's ability to import goods has collapsed. He warns that the country's economic situation is now dire.
Brooks has previously suggested that a peace deal could reduce the Brent crude risk premium and bring oil to $85 a barrel, with U.S. gas prices falling to $4 in an earlier analysis. He also noted that recent oil price swings have come despite a lack of new developments following the Strait closure in a separate commentary. These observations provide broader market context for his current assessment of Iran's energy export collapse.