Iraq Economic News and Points To Ponder Monday Afternoon 8-17-26

Tehran To Tackle Iranian Business Hurdles In Iraq

2026-08-16 Shafaq News- Baghdad  Central Bank of Iran Governor Abdolnaser Hemmati pledged to address obstacles facing Iranian businesses in Iraq, Iranian media reported on Sunday.  During a meeting with Iranian business representatives in Baghdad, Hemmati said he would follow up on export revenues, customs tariffs, and unpaid dues to Iranian contractors.

Hemmati arrived in Baghdad on Sunday with an economic delegation and met Iraqi Trade Minister Mustafa Nizar al-Ani to discuss strengthening bilateral trade, facilitating the movement of goods, and implementing existing agreements.

https://www.shafaq.com/en/Economy/Tehran-to-tackle-Iranian-business-hurdles-in-Iraq

Oil Prices Climb On Hormuz Shipping Disruptions

2026-08-17 Shafaq News Oil prices rose on Monday as fading expectations of a U.S.-Iran peace breakthrough and slower tanker traffic through the Strait of Hormuz reinforced geopolitical risk concerns in the market.

Brent crude futures rose as much as 1% to $89.40 per barrel and were last trading up 72 cents at $89.20 by 0229 GMT. The U.S. West Texas Intermediate crude futures ⁠rose 44 cents to $82.83 a barrel.

Both contracts gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait and on a Saudi Aramco refinery.

Over the weekend, Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the U.S. while U.S. President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continues.

"Oil prices have now rebounded almost completely from the lows seen in early August, as hopes for a more permanent resolution between the U.S. ⁠and Iran have faded and geopolitical risk premiums have returned to the market," said Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore.

"However, I see limited upside from here unless we get clear evidence of renewed aggression in the Strait of Hormuz, particularly material damage ⁠to tankers or oil infrastructure," she said.

Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers. Five commodity vessels transited the strait on Saturday, with none ⁠registered for Sunday, ship-tracking data from Kpler showed, versus 31 for the prior weekend.

The United Arab Emirates accused Iran of attacking a third vessel operated by ADNOC that was ⁠transiting the strait on Friday, the Emirati state news agency WAM reported, after blaming it for two other incidents involving ADNOC vessels in the strait on Thursday evening. https://www.shafaq.com/en/Economy/Oil-prices-climb-on-Hormuz-shipping-disruptions

PM Al-Zaidi Orders Round-The-Clock Oil Operations

2026-08-17 Shafaq News- Baghdad (Updated at 18:35)  Iraqi Prime Minister Ali Al-Zaidi on Monday ordered oil companies to operate around the clock to sustain production and boost exports as the closure of the Strait of Hormuz continues to restrict crude shipments, demanding tangible results within one week.

At an Oil Ministry meeting, Al-Zaidi called for faster pipeline upgrades, alternative routes, and contracts with international companies to market Iraqi oil, according to his office. He also pressed officials to use the crisis to accelerate infrastructure projects and reduce dependence on Hormuz.

Every barrel of oil left unsold meant a delay in salaries or public services and a loss to the state treasury, Al-Zaidi stated, insisting that officials deliver solutions rather than explanations.

https://www.shafaq.com/en/Economy/PM-Al-Zaidi-orders-round-the-clock-oil-operations

Gold Nears $4,400 As Rate Hike Bets Fade

2026-08-17   Shafaq News   Gold ​drifted higher on Monday, supported by a weaker dollar and recent ‌soft economic data that reduced expectations for a U.S. interest rate hike next month.

Spot gold rose 0.4% to $4,391.49 per ounce by 0520 GMT. Prices hit a more-than-two-month high ​last week.

U.S. gold futures for December delivery edged 0.3% higher to $4,448.40.

The U.S. ​dollar index (.DXY) was down 0.2%, making greenback-priced metals more affordable for ⁠other currency holders.

"Gold has taken the ball and run with it ​to start the week, with soft inflation numbers keeping the U.S. dollar under ​pressure and giving gold extra headroom to push towards the $4,400 level," said Tim Waterer, chief market analyst at KCM Trade.

"A sustained move above $4,500 would likely need additional dollar ​weakness or a clearer pullback in energy prices."

An unexpected decline in ​U.S. nonfarm payrolls in July, coupled with data showing only mild consumer price inflation, has reduced ‌expectations ⁠that the U.S. Federal Reserve will raise interest rates next month.

Traders are now pricing in a 30% chance of a September rate hike, down from 47% a month earlier, CME's FedWatch Tool showed.

Lower interest rates reduce ​the opportunity cost ​of holding non-yielding ⁠bullion, enhancing its appeal to investors.

Markets are now awaiting minutes of the Fed's July meeting, due on Wednesday, ​for further clues on policymakers' monetary stance.

On the geopolitical ​front, U.S. ⁠President Donald Trump's envoys met with Egyptian, Qatari and Turkish mediators in Cairo on Sunday, a diplomatic source said, aiming to advance his Gaza peace plan, ⁠even as ​Israel pressed on with airstrikes in the ​enclave.

Among other metals, spot silver rose 1.4% to $65.57 per ounce. Platinum fell 0.1% to $1,746.43, while palladium gained 1.4% ​to $1,331.10.  (Reuters) https://www.shafaq.com/en/Economy/Gold-nears-4-400-as-rate-hike-bets-fade

USD/IQD Edges Higher In Baghdad, Erbil

2026-08-17 Shafaq News- Baghdad/ Erbil  The US dollar opened higher in Iraq on Monday, trading above 153,900 dinars per 100 dollars.

According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 154,000 dinars per 100 dollars, up from the previous session’s 153,100 dinars.

In the Iraqi capital, exchange shops sold the dollar at 154,500 dinars and bought it at 153,500 dinars, while in Erbil, selling prices stood at 154,000 dinars and buying prices at 153,900 dinars.

https://www.shafaq.com/en/Economy/USD-IQD-edges-higher-in-Baghdad-Erbil

Gold Prices Increase Across Baghdad And Erbil

2026-08-17    Shafaq News- Baghdad/ Erbil   On Monday, gold prices hovered around 970,000 IQD per mithqal in Baghdad and Erbil markets, according to a Shafaq News market survey.

Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 960,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 956,000 IQD. The same gold sold for 950,000 IQD on Sunday.

The selling price for 21-carat Iraqi gold stood at 930,000 IQD, while the buying price reached 926,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 960,000 and 970,000 IQD, while Iraqi gold sold for between 930,000 and 940,000 IQD.

In Erbil, 22-carat gold was sold at 994,000 IQD per mithqal, 21-carat gold at 951,000 IQD, and 18-carat gold at 814,000 IQD.

https://www.shafaq.com/en/Economy/Gold-prices-increase-across-Baghdad-and-Erbil