Iraq Economic News and Points To Ponder Tuesday Afternoon 6-9-26
Largest Iraqi Fuel Shipment Enters Syria For Global Export
2026-06-08 Shafaq News- Baghdad/ Damascus More than 150 Iraqi fuel tankers entered Syria on Monday through the Rabia–Al-Yarubiyah border crossing, carrying fuel oil destined for export to global markets, Shafaq News correspondent said.
The convoy, the largest of its kind to enter Syrian territory so far, stopped along the M4 international highway after crossing the border and will continue toward the coastal city of Baniyas before the fuel is shipped to international markets.
In May, Iraq launched its first crude oil export operation through the crossing, dispatching an initial convoy of 70 tanker trucks toward regional markets.
The Rabia–Al-Yarubiyah crossing, which links Iraq's Nineveh province with Syria's Hasakah province, reopened to trade and passenger traffic on April 22 after 13 years of closure caused by security challenges during the fight against ISIS, as well as shifting control and coordination issues along the border.
https://www.shafaq.com/en/Economy/Largest-Iraqi-fuel-shipment-enters-Syria-for-global-export
Oil Retreats After Iran-Israel Ceasefire Takes Hold
2026-06-Shafaq News Oil prices fell on Tuesday, erasing most of the previous session's gains, after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities.
Brent crude futures were down 91 cents, or 1%, at $93.34 a barrel at 0400 GMT, while U.S. West Texas Intermediate declined $1.13, or 1.2%, at $90.17 a barrel.
Prices climbed as much as 5% in the previous session after renewed Israeli strikes on Iran and attacks in Lebanon reduced hopes of an imminent end to the wider war, but pared gains after Iran's armed forces announced the end of military operations against Israel.
"While there is some relief from the latest pause in direct strikes, investors are not convinced the truce will hold," said Tim Waterer, chief market analyst at KCM Trade.
Iran and Israel said they had halted attacks on each other after an appeal from President Trump that they immediately "stop 'shooting'", though Tehran said it would resume strikes if Israel continued to hit Hezbollah in Lebanon.
"While this helped stop the situation snowballing, the geopolitical backdrop remains tense, and a lasting peace deal remains elusive," said Tony Sycamore, market analyst at IG.
Israeli Prime Minister Benjamin Netanyahu said in a video statement carried by Israeli television that Israel would respond with force if Iran attacked again.
Trump told Axios in an interview published on Monday that he warned Netanyahu that he might find himself fighting alone if he went back to war with Iran.
"The key question is whether current de-escalation efforts can finally translate into a longer-lasting resolution, or if we're simply in another temporary lull," Waterer said.
One of the key issues Washington is pressing Tehranfor in peace talks is the reopening of the Strait of Hormuz, through which about a fifth of the world's supply of oil passed before the U.S. and Israel launched airstrikes on Iran at the end of February.
On Monday, U.S. forces disabled an unladen oil tanker in the Gulf of Oman after it attempted to sail to an Iranian port in violation of the ongoing blockade against Iran, the U.S. military said.
(Reuters) https://www.shafaq.com/en/Economy/Oil-retreats-after-Iran-Israel-ceasefire-takes-hold
Consumer Prices In Iraq Rise 4.3% Year-On-Year In April
2026-06- Shafaq News- Baghdad Iraq’s Consumer Price Index (CPI) reached 112.5 points in April 2026, rising 1.7% from 110.6 points in March, according to data released on Monday by the Commission of Statistics and GIS.
Compared with April 2025, when the index stood at 107.9 points, consumer prices increased by 4.3% on an annual basis. https://www.shafaq.com/en/Economy/Consumer-prices-in-Iraq-rise-4-3-year-on-year-in-April
Basrah Crude Tracks Global Decline With 7% Drop
2026-06-09 Shafaq News- Basrah Iraq’s Basrah crude fell about 7% on Tuesday, joining a broader downturn across regional and global oil markets.
Basrah Heavy dropped $4.88 to $64.40 per barrel, while Basrah Medium declined by the same amount to $66.50.
Globally, West Texas Intermediate shed $1.13, or 1.2%, to $90.17 per barrel, while Brent crude slipped 91 cents, or 1%, to $93.34.
The Organization of the Petroleum Exporting Countries (OPEC) reference basket eased 0.94% to $100.63 per barrel, while several Middle Eastern benchmarks also recorded losses. Dubai crude fell more than 5% to $90.46 per barrel, Oman crude declined 3.21% to $90.40, Saudi Arabia's Arab Light dropped 4.75% to $100.03, and Kuwait Export crude lost 5.55% to $103.82.
Gold Rises On Israel-Iran Truce Ahead Of US Inflation Data
2026-06-09 Shafaq News Gold prices firmed on Tuesday, supported by softer oil prices following a fragile Israel-Iran truce, while focus was also on inflation and interest rate hike risks.
Spot gold was up 0.4% at $4,345.71 per ounce, as of 0602 GMT. In the previous session, bullion touched its lowest point in more than two months.
U.S. gold futures for August delivery were up 0.2% at $4,370.80.
"The slight easing of tensions between Israel and Iran has tamed oil pricessomewhat and has, by extension, helped gold," said Tim Waterer, chief market analyst at KCM Trade.
Iran and Israel said on Monday they had halted attacks on each other after an appeal from U.S. President Donald Trump, though Tehran warned it would resume hostilities if Israel continued to hit Hezbollah in Lebanon.
Oil prices eased, erasing most of Monday's gains.
Elevated crude oil prices can accelerate inflation, and while gold is seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.
Goldman Sachs said it expects the U.S. Federal Reserve to keep interest rates unchanged through 2026 and delay rate cuts until 2027, citing stronger economic activity and jobs growth.
Traders are now pricing in a more than 70% chance of a U.S. rate hike by December, according to the CME FedWatch tool. FEDWATCH
Investors are bracing for May's U.S. consumer price index data, due on Wednesday, to gauge the Fed's monetary policy path.
"A return to $5,500 for gold remains viable by year-end driven in part by central bank demand, but it will likely require cooperation from oil prices, bond yields and the dollar, which would all need to take a turn lower,"Waterer said.
Spot silver rose 0.4% to $68.45 per ounce, platinum gained 0.3% to $1,759.74, and palladium rose 1.5% to $1,223.44.
(REUTERS) https://www.shafaq.com/en/Economy/Gold-rises-on-Israel-Iran-truce-ahead-of-US-inflation-data
Dollar Falls In Baghdad And Erbil
2026-06-09 Shafaq News- Baghdad/ Erbil The US dollar opened Tuesday's trading lower in Iraq, hovering around 154,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,100 dinars per 100 dollars, down from the previous session's 154,750 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 154,150 dinars and buying prices at 154,050 dinars.
https://www.shafaq.com/en/Economy/Dollar-falls-in-Baghdad-and-Erbil-4-7