Iraq Economic News and Points To Ponder Tuesday Afternoon 3-3-26
Kamal Al-Haidari Declares Jihad Against US And Israel
2026-03-03 Shafaq News- Najaf Shiite cleric Ayatollah Kamal al-Haidari on Tuesday called for “jihad” against the United States and Israel, according to a statement issued by his office.
In a written statement, al-Haidari said the attacks targeted “the civilizational core and religious authority” of Iran, adding that confronting US and Israeli aggression is a religious and moral responsibility. He urged Muslims to prepare for “legitimate defense of land, dignity and sovereignty,” and called for resisting “Zionist and American arrogance in all its forms.”
In Shiite jurisprudence, jihad in this context is generally understood as a defensive religious mobilization in response to perceived external aggression, rather than an offensive war. (however, that is not the interpretation by most of the fundamental Islamic terrorist groups, even many others worldwide).
Under Twelver Shiite doctrine, the authority to issue such binding religious rulings traditionally rests with a Marja’ al-Taqlid —a supreme religious authority recognized by followers as a source of emulation in matters of faith and law.
A similar call was made in 2014 by Iraq’s top Shiite cleric, Grand Ayatollah Ali al-Sistani, whose fatwa urging Iraqis to fight ISIS led to the mobilization of volunteers later organized under the Popular Mobilization Forces (PMF).
Most of the Iran-aligned “Islamic Resistance” armed factions in Iraq regard Ayatollah Ali Khamenei as their marja’ (religious authority) and political leader under the principle of wilayat al-faqih, which links religious leadership with governance and loyalty to Iran’s supreme leadership. ( this is the major problem in Iraq, and the GOI will need to deal with it - one way or another). https://www.shafaq.com/en/society/Kamal-al-Haidari-declares-jihad-against-US-and-Israel
Sudani And The Crown Prince Of Kuwait Stress The Need For De-Escalation And Maintaining Regional Stability
Baghdad – One News 3/02/2026 Prime Minister Mohammed Shia al-Sudani and the Crown Prince of Kuwait, Sheikh Sabah Khalid al-Hamad al-Sabah, stressed on Monday the importance of maintaining regional and international stability and putting an end to escalation.
The Prime Minister’s Media Office stated in a statement that “Prime Minister Mohammed Shia Al-Sudani discussed by telephone with the Crown Prince of the State of Kuwait, Sheikh Sabah Khalid Al-Hamad Al-Sabah, the latest security developments in the region, and the serious repercussions resulting from the continuation of military operations.”
The statement added that “during the call, emphasis was placed on the importance of joint Arab coordination, working towards de-escalation and resorting to dialogue as the best way to solve problems, and stopping all practices that could drag the region into greater dangers.”
According to the statement, both sides stressed "the need for the international community to make efforts to prevent the region from sliding into what threatens the interests of countries and their peoples, in light of the continuation of military operations," stressing that "maintaining regional and international stability requires putting an end to the escalation and reopening the channels of dialogue." https://1news-iq.net/السوداني-وولي-عهد-الكويت-يؤكدان-ضرورة/
Iran-Aligned Iraqi Factions Refuse To Halt Attacks On US, Israeli Interests
2026-03-03 Shafaq News- Baghdad Several Iraqi armed factions have informed government officials and political leaders within the Shiite Coordination Framework that they will continue operations targeting US and Israeli interests inside and outside Iraq, political sources told Shafaq News on Tuesday.
According to the sources, over the past two days, senior officials sought to contain the escalation and prevent further strikes, cautioning against potential security, economic, and diplomatic repercussions. However, during recent closed-door meetings, faction leaders indicated that suspending attacks “is not under consideration,” pointing to developments in the war involving Iran and signaling the possibility of broader operations to increase pressure across multiple fronts.
Some figures within the Coordination Framework, the sources noted, urged reliance on diplomatic channels and a policy that keeps Iraq removed from regional conflict. The factions maintained that their backing of Iran will persist as long as hostilities between Iran and the United States and Israel continue. https://shafaq.com/en/Iraq/Iran-aligned-Iraqi-factions-refuse-to-halt-attacks-on-US-Israeli-interests
These PMF factions are intentionally disobeying and going against the directives of the GOI and the Iraqi military. A blatant slap in the face of both. Proving they are Iranian proxies who care more about Iran than Iraq. Iraq military reaffirms unity of command, rejects PMF armed displays
Islamic Resistance In Iraq: 67 Operations In 48hrs Against The US
2026-03 Shafaq News- Baghdad The Islamic Resistance in Iraq claimed it had carried out 67 operations over the past 48 hours in two Iraqi provinces and four other countries, targeting the US “occupation bases” and interests in the region.
In a graphic, circulated by outlets affiliated with the factions, listed several bases it said were targeted inside Iraq, including Harir base, Ain al-Asad base, Erbil base, al-Rukban base, al-Rasheed base, and a site referred to as the Coastal Facility bnice
ase. It also names locations in the Kurdistan Region, including Erbil and al-Sulaymaniyah, as well as in Kuwait, Saudi Arabia, Jordan, and the United Arab Emirates.
The group also released footage showing drones it said were launched toward what it described as “occupation bases” in Iraq and the region. https://shafaq.com/en/Security/Islamic-Resistance-in-Iraq-67-Operations-in-48h-against-the-US
Oil Surges 7% As Iran-Israel Conflict Threatens Supply
Economy & Business Oil prices 2026-03-02 Shafaq News Oil prices jumped 7% to their highest levels in months on Monday as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region.
Brent crude futures shot up to $82.37, the highest since January 2025, in the first futures trading after the U.S. and Israel launched strikes on Iran and killed its Supreme Leader Ali Khamenei on Saturday. As of 0054 GMT, Brent futures were at $78.24 a barrel, up $5.37, or 7.37%.
U.S. West Texas Intermediate crude rose $4.66, or 6.95%, to $71.68 a barrel after touching $75.33 earlier, the loftiest since June 2025.
Israel launched a new wave of strikes on Tehran on Sunday and Iran responded with more missile barrages, a day after the killing of Supreme Leader Ali Khamenei pitched the Middle East and the global economy into deepening uncertainty.
The attacks exposed ships to collateral damage as missiles hit at least three tankers off the Gulf coast and killed one seafarer, shipping sources and officials said on Sunday.
Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners - key buyers - to assess oil stockpiles.
"With the retaliatory action now evolving to attacks on oil tankers in the Strait of Hormuz, the threat on oil supplies has substantially risen," ANZ analyst Daniel Hynes said in a note.
Citi analysts expect Brent to trade between $80 and $90 a barrel this week amid the ongoing conflict.
"Our baseline view is that the Iranian leadership changes, or that the regime changes sufficiently as to stop the war within 1-2 weeks, or the U.S. decides to de-escalate having seen a change in leadership and set back Iran’s missiles and nuclear program over the same time frame," the analysts led by Max Layton said in a note.
Amid the conflict, OPEC+ agreed to a modest oil output boost of 206,000 barrels per day for April on Sunday.
Every OPEC+ producer is essentially producing at capacity except for Saudi Arabia, RBC Capital analyst Helima Croft said.
"The utilization of any spare barrels will be severely limited if critical waterways are rendered inoperable," she said.
Risks to commercial shipping have surged in the past 24 hours, with more than 200 vessels including oil and liquefied gas tankers dropping anchor around the strait and surrounding waters, shipping data showed on Sunday.
The International Energy Agency is actively monitoring events in the Middle East and is in touch with major producers in the region and IEA governments, director Fatih Birol said on Sunday. The energy watchdog coordinates the release of strategic petroleum reserves (SPR) from developed countries during emergencies.
"Global total visible oil inventories stand at 7.827 million barrels now, near their historical median when expressed as covering 74 days of global demand," Goldman Sachs analysts led by Daan Struyven said in a note.
(Reuters) - Only the headline is edited by Shafaq News Agency. https://shafaq.com/en/Economy/Oil-surges-7-as-Iran-Israel-conflict-threatens-supply
US War Secretary Reaffirms Support For Allies After Attacks On Iraqi Kurdistan
2026-03-02 Shafaq News- Washington US War Secretary Pete Hegseth said on Monday that Washington remains in close contact with its regional partners and stands “shoulder to shoulder” with them, after reported attacks on Gulf countries and the Kurdistan Region of Iraq.
During a press conference at the Pentagon, Hegseth responded to a journalist that “We are in constant communication and stand shoulder to shoulder with them, and we value their capabilities.”
Hegseth described the strikes on Iran as targeted and strategic, saying the United States aims to destroy missile systems, naval forces, and other security infrastructure. “We’re hitting them surgically, overwhelmingly and unapologetically,” he said, stressing that the goal is not prolonged conflict but to weaken Iran’s ability to threaten US forces and allies.
General Dan Caine, chairman of the Joint Chiefs of Staff, who spoke alongside Hegseth, said achieving US military objectives in Iran would take time and likely involve additional casualties. He emphasized that strikes and counter-strikes in the wider region are ongoing as part of the campaign.
Tensions between the United States, Israel, and Iran continue to rise. In recent days, facilities hosting US-led Coalition forces in Iraq, including Harir Base and Erbil International Airport in the Kurdistan Region, have faced attacks attributed to Iran-backed PMF factions. Iranian strikes also hit Israel and US bases in the Gulf, including in the UAE, Qatar, Bahrain, and Kuwait. https://shafaq.com/en/World/US-War-Secretary-reaffirms-support-for-allies-after-attacks-on-Iraqi-Kurdistan
Sudani Chairs Extraordinary Meeting Of The National Security Council
Baghdad – One News 3/02/2026 The Commander-in-Chief of the Armed Forces, Prime Minister Mohammed Shia al-Sudani, chaired an extraordinary meeting of the National Security Council on Monday.
The media office of the council stated in a brief statement that “the Commander-in-Chief of the Armed Forces, Mr. Mohammed Shia Al-Sudani, is chairing an extraordinary meeting of the Ministerial Council for National Security.” https://1news-iq.net/السوداني-يترأس-اجتماعاً-استثنائياً-ل/