Iraq Economic News and Points To Ponder Monday Afternoon 9-14-26

Oil breaks $107 mark amid growing supply fears

2026-09-14 01:14    Shafaq News    Oil prices rose more than 3% on Monday, after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.

Brent crude futures rose $3.21, or 3.1%, to $107.82 per barrel as of 0340 GMT. WTI futures gained $3.17, or 3.2%, to $103.22 per barrel.

"This follows a step-up in attacks on Saudi Arabian energy infrastructure, including targeting the crucial east-west pipeline," said ING commodity ⁠strategists, although noting that it was unclear how severe any potential damage was or how long the pipeline would be out of action.

Saudi Arabia's East-West oil pipeline was temporarily shut following a drone attack, according to Saudi officials. The shutdown of the pipeline, which helps Saudi Arabia avoid the Strait of Hormuz and re-route its exports, threatens up to 4% of global oil supply.

With the pipeline out of service, Yanbu has enough inventory to cover just five to seven days of exports, according to three industry sources familiar with Saudi Arabia's exports.

Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque from what it said was a Houthi attack on the country's ⁠southern Jazan province. The Houthis said they had also struck a Saudi military base in a neighbouring province.

Meanwhile, a vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated, the British maritime security agency UKMTO said on Sunday.

Iran said one person was killed and four crew wounded aboard an Iranian ⁠commercial vessel struck off its coast.

Yemen's Iran-aligned Houthis reached the strategic island of Perim on Friday, moving to tighten their control over the Bab el-Mandeb strait, another key oil transit lane that has been carrying 4%-5% of global supply in recent months.

Oil surged 8% ⁠higher last week due to the disruptions, rising above $100 for the first time since July.

Omani Foreign Minister Badr Albusaidi said on X on Sunday, that a scheduled Monday meeting in Oman between Gulf countries and Iran to ⁠discuss the Strait of Hormuz had been postponed.

No peace talks have been held on the war, launched six months ago by the United States and Israel, since an interim agreement in June collapsed.   (Reuters)

https://www.shafaq.com/en/Economy/Oil-breaks-107-mark-amid-growing-supply-fears

Hormuz Vessel Traffic Drops To Single Digits

2026-09-14 02:25    Shafaq News- Hormuz   Cargo traffic through the Strait of Hormuz fell to single digits per day, ship-tracking firm Kpler reported on Monday.

Preliminary vessel-tracking data showed maritime activity dropping well below the 10-day average of 14 ships. Four vessels left the Gulf through the waterway, while 10 entered over the weekend.

The figures do not account for vessels that may have crossed the strait with their Automatic Identification System (AIS) transponders switched off to avoid detection

Hormuz, through which roughly 20% of the world's oil passes, has remained largely closed under Iranian restrictions since Feb. 28, following the joint US-Israeli war on Iran. The corridor briefly reopened after a US-Iran memorandum of understanding (MoU) took effect on June 18, but closed again amid renewed military escalation, with Tehran asserting that the waterway remains under Iranian control. US President Donald Trump, however, said that the waterway is "open and operating."

Read more: Regional Hormuz talks postponed in Oman

https://www.shafaq.com/en/Economy/Hormuz-cargo-flow-drops-to-single-digits

Iraq Ranks 7th Among Turkiye Export Markets

2026-09-14 03:57   Shafaq News- Baghdad/ Ankara   Iraq stood as Turkiye's seventh-largest export market in the first seven months of 2026, with Turkish shipments to the country reaching about $6.08 billion, despite a 7.8% decline from the same period last year, Turkish Statistical Institute (TURKSTAT) data showed.

Germany led the list with $13.29 billion in exports, followed by the United States with $10.16 billion and the United Kingdom with $9.43 billion. Italy ranked fourth at $8.35 billion, while France and Spain recorded $6.64 billion and $6.44 billion, respectively.

Turkiye's exports to Iraq picked up in July, rising 15.5% from a year earlier to about $1.11 billion, compared with $963.4 million in July 2025. The increase lifted Iraq to fourth place among Turkiye's export destinations for the month, behind Germany, the United States and the United Kingdom.

Overall, Turkiye exported about $161.54 billion worth of goods in the first seven months of 2026, up 3.4% from $156.26 billion in the same period of 2025.

https://www.shafaq.com/en/Economy/Iraq-ranks-7th-among-Turkiye-export-markets

USD/IQD Holds In Baghdad, Drops In Erbil

2026-09-14 04:18    Shafaq News- Baghdad/ Erbil  The US dollar held steady in Baghdad but edged lower in Erbil on Monday at the opening of trading, with rates hovering around 157,000 dinars per 100 dollars.

According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 156,500 dinars per 100 dollars, unchanged from the previous session.

In the Iraqi capital, exchange shops sold the dollar at 157,000 dinars and bought it at 156,000 dinars, while in Erbil, selling prices stood at 156,200 dinars and buying prices at 156,150 dinars.

https://www.shafaq.com/en/Economy/USD-IQD-holds-in-Baghdad-drops-in-Erbil

Gold Prices Dip Across Baghdad, Erbil Markets

2026-09-14 05:11    Shafaq News- Baghdad/ Erbil  On Monday, gold prices fell in Baghdad and Erbil markets, hovering around 950,000 IQD per mithqal, according to a Shafaq News survey.

Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 953,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 949,000 IQD. The same gold sold for 960,000 IQD on Sunday.

The selling price for 21-carat Iraqi gold stood at 923,000 IQD, while the buying price reached 919,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 955,000 and 965,000 IQD, while Iraqi gold sold for between 925,000 and 935,000 IQD.

In Erbil, 22-carat gold was sold at 992,000 IQD per mithqal, 21-carat gold at 948,000 IQD, and 18-carat gold at 812,000 IQD.

https://www.shafaq.com/en/Economy/Gold-prices-dip-across-Baghdad-Erbil-markets

Shalamcheh Border Traffic Resumes After Iran-Iraq Talks

2026-09-14 05:21    Shafaq News- Khuzestan/ Maysan   Passenger and truck traffic between Iran and Iraq resumed at the Shalamcheh border crossing after successful talks between the two countries, Khuzestan Governor Mohammad Reza Mowali Zadeh said on Monday.

Passenger traffic also resumed at the Chazabeh border crossing, while efforts were underway to restore commercial truck and cargo traffic between the two countries.

Iraq had closed three land border crossings with Iran —Shalamcheh, Al-Sheeb and Mandali. A source told Shafaq News that the closures were framed as an “economic penalty” against Tehran after findings allegedly linked Iranian actors to drone attacks on Saudi oil pipelines launched from Iraqi territory.

Last week, Saudi Arabia said that the East-West oil pipeline in the Riyadh and Medina regions had come under a drone attack, with the drones launched from Iraqi territory. The attack caused injuries and damage, prompting a temporary precautionary shutdown of the pipeline.

Tehran rejected the accusations and requested a joint investigation with Iraq into the launch of the drones. Iraqi Prime Minister Ali Al-Zaidi later approved the request.

https://www.shafaq.com/en/Economy/Shalamcheh-border-traffic-resumes-after-Iran-Iraq-talks