Iraq Economic News And Points To Ponder Tuesday Evening 3-31-26
Expert: The Government Does Not Have The Authority To Contract For The Purchase Of Air Defense Systems.
2026/03/31 {Security: Al-Furat News} Security expert Adnan Al-Kinani confirmed that the government lacks the legal authority to conclude contracts for the purchase of air defense systems under the current circumstances.
Al-Kinani said, during his appearance on the “Free Talk” program on Al-Furat satellite channel, that: “The current situation in light of the war reveals a crisis in funding and liquidity, as well as the absence of the necessary legitimacy to make a decision to contract for the purchase of air defense systems and radars,” indicating that “it was supposed to be directed towards purchasing missiles to repel air attacks.”
He added that "Iraq needs to set a clear time limit for contracting, training and installation processes, in addition to developing an integrated financing mechanism that is consistent with the legal frameworks, as well as identifying the entry points for these systems and the contracting parties and countries."
Al-Kinani pointed out that “Iraq used to rely on the Eastern bloc in the areas of armament and preparation, as Russia was one of the most committed countries in contracts and supply, and it contributed to strengthening military capabilities with various types of weapons.”
Al-Kinani pointed to "the possibility of returning to reliance on the Eastern bloc, in addition to benefiting from China in the field of limiting drones and developing capabilities to counter them."
The Cabinet, in its meeting held today, Tuesday, reviewed the implementation of armament, efficiency improvement and equipping of our armed forces with modern equipment, which had been previously approved and implemented within the government program, taking into account the priorities in the latest developments and the requirements of the various formations of our armed forces.
In the same context, the Cabinet approved “contracting to purchase defense systems, as well as approving all the necessary requirements to complete the tasks of the air defense formations and improve performance, according to what was submitted by the Ministry of Defense in this regard.” LINK
Brent Crude Futures Surpass $118 Per Barrel
{Economic: Al-Furat News} Oil prices rose again on Tuesday, with Brent crude futures exceeding $118 a barrel, amid global markets monitoring economic tensions and oil supplies.
Reuters reported that "Brent crude futures surpassed $118 a barrel, after concerns intensified following an attack on an oil tanker in the Middle East." LINK
Gasoline Prices In The United States Jump Again, Exceeding $4 Per Gallon.
2026/03/31 {Economic: Al-Furat News} Fuel prices in the United States recorded a new jump on Tuesday, reaching their highest levels in four years, driven by the repercussions of the ongoing military confrontation in Iran as well.
Gasoline prices at U.S. gas stations have risen above $4 a gallon for the first time since the summer of 2022, as a result of rising oil prices due to the war in Iran, the Washington Post reported on Tuesday.
Economic reports indicate that the pace of price increases during the last month was faster and greater than the increases that followed the famous Hurricane Katrina in 2005, and even greater than the jumps that followed the imposition of sanctions on Russia during the Ukraine crisis in 2022. LINK
Security Expert: Iran Will Be A Quagmire For US Forces In Any Ground Invasion Or Landing.
2026/03/31 {Security: Al-Furat News} Security expert Adnan Al-Kinani confirmed that any American ground intervention in Iran would face major challenges and could turn into a long war of attrition.
Al-Kinani said, during his appearance on the “Free Talk” program on Al-Furat satellite channel, that “US President Donald Trump is making reckless decisions and presenting a chaotic picture of the American interior,” noting that “there is a state of dissatisfaction within the United States that may be reflected in the upcoming elections.”
He added that "the current war represents a war of attrition for the American side and that prolonging it is in Iran's interest," predicting that "Washington will be forced to accept Tehran's conditions and withdraw from the region, which may lead to a decline in its role in international relations and the emergence of new alliances."
Al-Kinani continued, “The world has entered a new phase that may reshape economic balances with the possibility of a decline in the dominance of the dollar,” noting that the Iranian army possesses advanced combat capabilities and relies on a garrisoning style, which makes any land, sea, or air landing extremely costly. LINK
Oil Falls 1%
2026/03/31 {Economic: Al-Furat News} Oil prices fell in Asian trading on Tuesday, reversing their previous gains.
Brent crude futures for May delivery fell $1.22, or 1.08%, to $111.56 a barrel at 02:10 GMT, after rising as much as 2% earlier in the session. The May contract expires today, Tuesday, while the more actively traded June contract was at $105.76.
U.S. West Texas Intermediate crude futures for May fell 98 cents, or 0.95%, to $101.90 a barrel, after hitting their highest level since March 9 at the start of trading, according to Reuters. https://alforatnews.iq/news/%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%8A%D9%86%D8%AE%D9%81%D8%B6-1
Dollar Prices Rise In Baghdad
2026/03/30 {Economic: Al-Furat News} The exchange rate of the US dollar rose this morning, Monday, in the markets of the capital, Baghdad. The prices were as follows... The selling price was 155,750 dinars for 100 dollars, while the buying price was 154,750 dinars for 100 dollars. https://alforatnews.iq/news/%D8%A7%D9%84%D8%AF%D9%88%D9%84-%D8%A8%D8%BA%D8%AF%D8%A7%D8%AF
Gold Rises As The Dollar Weakens
{Economic: Al-Furat News} Gold prices rose slightly on Monday as the dollar weakened, but gains were limited by a sharp rise in energy prices that exacerbated concerns about inflation and further diminished expectations that the Federal Reserve (the US central bank) would cut interest rates this year.
Spot gold rose 0.3% to $4,505.86 an ounce. U.S. gold futures for April delivery also climbed 0.3% to $4,535.80.
The US dollar weakened, making commodities priced in the US currency more accessible to holders of other currencies, according to Reuters.
Gold has fallen more than 14% so far this month, its biggest monthly drop since October 2008, pressured by the US dollar, which has risen by more than 2%.
As for other precious metals, silver rose 0.8% to $68.67 an ounce in spot trading. Platinum gained 2.5% to $1,909.45, and palladium climbed 3.2% to $1,420.63. LINK