Iraq Economic News And Points To Ponder Monday Afternoon 4-27-26

Oil Prices Jump 2% On Stalled Iran-US Negotiations

2026-04-27 Shafaq News  Oil prices extended gains on Monday, rising nearly 2% as peace talks between the U.S. and Iran stalled while shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.

Brent crude futures rose $2.16, or 2.05%, to $107.49 a barrel by 2346 GMT, the highest since April 7, and U.S. West Texas Intermediate was at $96.17 a barrel, up $1.77, or 1.88%.

Last ⁠week, Brent and WTI gained nearly 17% and 13%, respectively, the biggest weekly gains since the start of the war.

Hopes of reviving peace efforts receded during the weekend when U.S. President Donald Trump scrapped a planned trip to Islamabad by his envoys Steve Witkoff and Jared Kushner, even as Iranian Foreign Minister Abbas Araqchi arrived In Pakistan.

"This move puts the ball squarely back in Iran’s court, and the clock is now ticking loudly," IG market analyst Tony Sycamore said in a note, adding ⁠that Tehran may be forced to shut production at its aging oil fields when it runs out of storage capacity.

Tehran has largely closed the strait while Washington has imposed a blockade of Iran's ports. Traffic through the Strait of Hormuz remained limited, with just ⁠one oil products tanker entering the Gulf on Sunday, shipping data from Kpler showed.

Goldman Sachs raised its oil price forecasts for the fourth quarter to $90 a barrel for Brent crude and $83 for ⁠WTI citing reduced output from the Middle East.

"The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil ⁠prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock," GS analysts led by Daan Struyven said in an April 26 note.  (Reuters) https://www.shafaq.com/en/Economy/Oil-prices-jump-2-on-stalled-Iran-US-negotiations

Iraq Holds Fifth Spot In 2025 Global Crude Output

2026-04-27 Shafaq News- Washington   Iraq ranked fifth among the world’s top oil producers in 2025 with output of 4.39 million barrels per day (bpd), the US Energy Information Administration (EIA) reported on Monday.

Global oil production is highly concentrated, with just five countries accounting for roughly half of total output. The United States remained the world’s largest producer at 13.58 million bpd in 2025, followed by Russia at 9.87 million bpd and Saudi Arabia at about 9.51 million bpd. Together, the three countries accounted for nearly 39% of global crude production.

Canada ranked fourth, while Iraq followed, maintaining its position as one of the key suppliers in the global oil market. China came in sixth place. In total, the top ten oil-producing countries represented more than 72% of global output, while the remainder was distributed across dozens of smaller producers.

Regionally, the Middle East continued to dominate production, contributing around 32% of global output. Five countries from the region —Saudi Arabia, Iraq, Iran, the United Arab Emirates, and Kuwait— featured among the world’s top ten producers.

The data also pointed to growing uncertainty around energy flows in 2026, particularly amid tensions involving the United States and Iran, and the closure of the Strait of Hormuz, a critical passage for global oil shipments.

https://www.shafaq.com/en/Economy/Iraq-holds-fifth-spot-in-2025-global-crude-output

Gold Climbs On Potential US-Iran De-Escalation

2026-04-27 Shafaq News   Gold edged higher on Monday, supported by a softer dollar as a report of a new proposal by Iran to end the war with the U.S. raised hopes of a de-escalation in the Middle East conflict.

Spot gold was up 0.4% at $4,726.62 per ounce, as of 0407 GMT. Last week, the metal fell 2.5% to snap a four-week winning streak.

U.S. gold futures for June delivery ⁠were steady at $4,742.

Lending support to bullion, the dollar eased after a report said that Iran through Pakistani mediators gave the U.S. a new proposal on reopening the Strait of Hormuz and ending the war.

"We're just sort of watching now whether there's progress in the (U.S.-Iran) talks at all in the coming days and that's going to be the biggest driver for gold," said Kyle Rodda, a senior financial market analyst at Capital.com.

U.S. President Donald Trump said on Sunday that Iran could telephone if it wants to negotiate an end to their two-month war and stressed it can ⁠never have a nuclear weapon.

Trump cancelled a trip by two U.S. envoys to Iran war mediator Pakistan on Saturday, dealing a setback to peace prospects.

Oil prices rose as the stalled peace talks prolonged the disruption of Middle East energy exports.

Higher crude oil prices can stoke inflation by raising transportation and production costs, ⁠increasing the likelihood of higher interest rates.

While gold is considered an inflation hedge, high interest rates make yield-bearing assets more attractive, weighing on its appeal.

Investors now await the U.S. Federal Reserve's interest rate decision ⁠on Wednesday.

"It could either be a support to gold or an increased headwind, depending on if the Fed sort of indicates whether it sees itself potentially keeping policy unchanged for the ⁠rest of the year because of the inflationary impacts of the energy crisis," said Rodda.

Spot silver rose 1% to $76.45 per ounce, platinum gained 0.7% to $2,025.20, while palladium was down 0.2% at $1,493.50.   (Reuters)https://www.shafaq.com/en/Economy/Gold-climbs-on-potential-US-Iran-de-escalation

US Dollar Drops In Baghdad And Erbil Markets

2026-04-27 Shafaq News- Baghdad/ Erbil   The US dollar opened Monday's trading lower in Iraq at around 155,000 dinars per 100 dollars.

According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,900 dinars per 100 dollars, down from the previous session’s 155,500 dinars.

In the Iraqi capital, exchange shops sold the dollar at 155,500 dinars and bought it at 154,500 dinars, while in Erbil, selling prices stood at 154,650 dinars and buying prices at 154,550 dinars.

https://www.shafaq.com/en/Economy/US-dollar-drops-in-Baghdad-and-Erbil-markets-0

Gold Prices Fall In Baghdad And Erbil

2026-04-27 Shafaq News- Baghdad/ Erbil   On Monday, gold prices hovered around 1.025 million IQD per mithqal in Baghdad and Erbil markets, according to a survey by Shafaq News Agency.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 1.025 million IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1.021 million IQD. The same gold had sold for 1.031 million IQD on Sunday.

The selling price for 21-carat Iraqi gold stood at 995,000 IQD, while the buying price reached 991,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1.025 million and 1.035 million IQD, while Iraqi gold sold for between 995,000 and 1.005 million IQD.

In Erbil, 22-carat gold was sold at 1.060 million IQD per mithqal, 21-carat gold at 1.013 million IQD, and 18-carat gold at 867,000 IQD.    https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-and-Erbil-2