Iraq Economic News and Points To Ponder Thursday Afternoon 7-23-26

Oil Climbs Above 1.5% On Gulf Shipping Risks

2026-07-23 01:30   Shafaq News   Oil prices rose more than 1.5% in Asian trade on Thursday to stand at their highest ‌in more than six weeks, as Yemen's Houthis targeted oil tankers in the Red Sea and the United States launched a new round of strikes on Iran.

Brent crude futures rose $2.2 or 2.3%, to $96.27 by 0327 GMT, the highest since June 8, having settled up more than $3 at $94.07 ​in the previous session, just shy of a six-week high.

U.S. West Texas Intermediate crude climbed $1.65, or 1.9%, to $88.48, ​after Wednesday's rise of 3%.

Iran's Revolutionary Guards said an oil tanker caught fire after an explosion ⁠while attempting to follow a route they described as mined, south of the Strait of Hormuz, while two others ​had turned back.

In a statement the Guards said the strait was under their control and "completely closed" while U.S. actions continued in the region, ​warning that no tanker would be allowed to enter or leave without coordination with Iran.

Besides the renewed conflict over control of the key waterway, the Iran-aligned Houthis have opened a new front by threatening to target vessels carrying Saudi oil in the Bab el-Mandeb strait and unveiling ​a naval blockade of Saudi Arabia.

Oil prices are facing a rare risk from simultaneous disruptions at both the Bab ​el-Mandeb and the Strait of Hormuz, said Priyanka Sachdeva, senior market analyst at Phillip Nova.

"Geopolitical premiums have returned, but a sustained (price) rally will ‌require ⁠evidence of prolonged shipping disruptions or meaningful supply outages."

The Houthis said they had carried out a military operation targeting two Saudi oil tankers, and maritime security reports said one of the vessels identified by the group, the Saudi-flagged tanker Encelia, had been hit in the Red Sea.

The Houthis said they had forced about 10 ships to retreat and return after warning vessels ​against sailing to Saudi ports.

Reuters ​could not immediately verify this ⁠account.

The Houthis' naval blockade of Saudi Arabia in the Red Sea threatens to disrupt global energy supplies beyond the Gulf, while Iran's Revolutionary Guards' spokesperson also warned shipping companies that ​the Strait of Hormuz southern route is mined in a post on X.

The new ​threat to Red ⁠Sea passage could interrupt up to 5 million barrels per day of oil supply, and the main route for Gulf oil that bypasses the Strait of Hormuz, said Saul Kavonic, the head of energy research at MST Marquee.

The U.S. military said it completed its 12th ⁠consecutive ​night of attacks on Iran hours after President Donald Trump vowed to ​destroy an Iranian bridge or power plant every time Iran shoots at a ship in the Strait of Hormuz, raising the stakes in the war ​with Iran. (REUTERS) https://www.shafaq.com/en/Economy/Oil-climbs-above-1-5-on-Gulf-shipping-risks7

Basrah Crudes Surge As Global Oil Rallies

2026-07-23 02:54    Shafaq News- Basrah  Iraq’s Basrah crude jumped more than 7% on Thursday, amid gains in global oil markets.

Basrah Heavy crude climbed to $61.86 per barrel, up $4.43, or 7.71%, while Basrah Medium crude rose to $64.16 per barrel, gaining $4.43, or 7.42%.

Brent crude advanced to $96.05 per barrel, up $1.98, or 2.10%, while US West Texas Intermediate crude gained $1.42, or 1.64%, to $88.25 per barrel. OPEC's basket also climbed to $88.50 per barrel, up $2.40, or 2.79%.

Saudi Arabia’s Arab Light crude rose 6.84% to $82.92 per barrel, while UAE Das crude climbed 8.81% to $88.07 per barrel. Qatar Land crude also advanced 8.84% to $87.77 per barrel.

https://www.shafaq.com/en/Economy/Basrah-crudes-surge-as-global-oil-rallies

Iraq’s Iran Imports Drop 55% In Q1 2026

2026-07-23 06:34   Shafaq News- Baghdad  Iraq’s imports from Iran fell nearly 55% in the first quarter of 2026 to $2.3 billion, down from $5.1 billion during the same period last year, according to the Islamic Republic of Iran Customs Administration’s (IRICA) data.

Petroleum gases and other gaseous hydrocarbons remained the largest import category at $351 million, followed by iron and non-alloy steel bars and wire ($159M), fresh apples, pears, and quinces ($78M), ceramic tiles ($77M), plastic household and kitchenware ($60M), and polyethylene polymers ($59M), alongside primary iron and steel products and other industrial and food commodities. https://www.shafaq.com/en/Economy/Iraq-s-Iran-imports-drop-55-in-Q1-2026

Dollar Climbs In Baghdad, Stabilizes In Erbil

2026-07-23 09:37    Shafaq News- Baghdad/ Erbil   The US dollar closed Thursday’s trading mixed in Iraq, hovering around 151,000 dinars per 100 dollars.

According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 150,500 dinars per 100 dollars, up from the morning session’s 150,450 dinars.

In the Iraqi capital, exchange shops sold the dollar at 151,000 dinars and bought it at 150,000 dinars, while in Erbil, selling prices stood at 150,800 dinars and buying prices at 150,700 dinars.

https://www.shafaq.com/en/Economy/Dollar-climbs-in-Baghdad-stabilizes-in-Erbil

Oil Hits Two-Month High After Houthi Tanker Attacks

2026-07-23 09:42   Shafaq News   Oil prices hit their highest in nearly ​two months on Thursday, rising for a fifth day after Yemen's Houthis said they struck two ‌Saudi oil tankers, widening disruption to global oil shipping through both the Red Sea and the Strait of Hormuz.

Brent crude futures were up by $5.83, or 6.2%, at $99.90 a barrel by 1310 GMT after reaching $100 a barrel for the first time since late May.

U.S. West Texas ​Intermediate crude rose $4.41, or 5.08%, to $91.24, exceeding $90 a barrel for the first time since June 11.

"The immediate outlook ​for crude oil remains supportive as markets price a worrying probability of supply interruptions in ⁠a second chokepoint," said Pepperstone research strategist Ahmad Assiri.

Besides the renewed conflict over control of the Strait of Hormuz, ​Yemen's Houthis have opened a new front by targeting vessels carrying Saudi oil in the Bab el-Mandeb strait after stating ​they would impose a naval blockade on shipments from Saudi Arabia.

Houthi militia attacked two Saudi Arabian oil tankers in a military operation, the group said on Thursday, with a Saudi news agency later confirming one of the two vessels was ablaze after an assault while ​sailing in the Red Sea.

Goldman Sachs said Brent might exceed $120 a barrel in the fourth quarter and average $100 next ​year if the Strait of Hormuz remains disrupted through 2027, with further upside if the Bab el-Mandeb strait and Suez Canal also ‌suffer persistent ⁠disruption.

Iran's Revolutionary Guards said an oil tanker caught fire after an explosion while attempting to follow a mined route in the southern area of the Strait of Hormuz near the coast of Oman and that two others had turned back.

The Guards said the strait was under their control and "completely closed" while U.S. actions continued in the region, warning that ​no tanker would be allowed ​to enter or leave without ⁠coordination with Iran.

The U.S. military said it had completed a 12th consecutive night of attacks on Iran, hours after U.S. President Donald Trump vowed to destroy an Iranian bridge or ​power plant every time Iran shoots at a ship in the Strait of Hormuz.

Goldman expects ​oil prices ⁠to retain most of their recent gains through July and August as global inventories continue to decline, supported by lower Middle East production, seasonal summer travel demand and a sharp slowdown in releases of strategic petroleum reserves.

Meanwhile, European diesel margins hit a ⁠record $66.25 a ​barrel on July 17, supported by Russia's diesel export ban following repeated ​Ukrainian attacks on its refineries and concerns over further disruptions to Middle East supplies, and traded as high as $65.30 a barrel on Thursday.   (REUTERS)

https://www.shafaq.com/en/Economy/Oil-hits-two-month-high-after-Houthi-tanker-attacks