Oil Rebounds After Reported US Strike On Qeshm
2026-11-03 Shafaq News Oil prices edged up on Tuesday after a report that the United States had struck Iran's Qeshm Island, raising concerns about an escalation of the eight-month conflict and prolonged disruptions to Middle East oil supplies.
US West Texas Intermediate crude was up 20 cents, or 0.21%, at $96.66 a barrel while Brent crude futures rose 3 cents, or 0.03%, to $104.8 a barrel by 0355 GMT.
Both benchmark prices dropped more than 7% on Monday as talks between Iranian and Qatari officials lifted hopes for an end to the US-Israeli war with Iran.
The United States struck Iran's Qeshm Island, the Wall Street Journal reported on Tuesday, citing US officials. Some of the officials described the assaults as defensive in nature to prevent Iran from having the freedom to attack commercial ships in the Strait of Hormuz.
"The report added a degree of risk premium back into the oil price. Just when markets were starting to price in a more diplomatic path, this reminder of ongoing military activity has flipped the tone," said Tim Waterer, chief market analyst at KCM Trade.
However, the inability of prices to sustain those gains suggests that a substantial geopolitical risk premium is already embedded in oil prices, said Priyanka Sachdeva, head of market insight at Phillip Nova.
"Unless there is concrete evidence of further disruption to physical supplies or critical energy infrastructure, fresh headlines alone may struggle to sustain another rally."
Meanwhile, Tehran said on Monday that contacts between Iran and the US to end their war are continuing, after days of Iranian talks with Qatari mediators ended with altered proposals but no breakthrough.
Trump raised doubts on Monday about whether he would follow through on a threatened resumption of military strikes against Iran and said a deal with Tehran could happen.
The US-Iran conflict that began in late February has sharply reduced traffic through the Strait of Hormuz, which previously carried about a fifth of global crude oil and natural gas supplies.
The Iran war is a leading cause of high gasoline prices that are weighing on voters, and Trump is under pressure to end the conflict.
Brent ended October at its highest in six months on concerns that the Middle East conflict could escalate again after Tuesday's US midterm elections.
Iranian President Masoud Pezeshkian said Supreme Leader Ayatollah Mojtaba Khamenei had granted the government certain authorities for peace talks.
Additionally, the US will bring together delegations from Ukraine and Russia in Abu Dhabi on November 10 to 11 to discuss ending Moscow's war against Ukraine, post-war security agreements and de-escalation. (Reuters)
https://shafaq.com/en/Economy/Oil-rebounds-after-reported-US-strike-on-Qeshm
Basrah Crudes Drop 5% Despite Global Oil Gains
2026-11-03 Shafaq News- Basrah Iraq’s Basrah crude prices fell by around 5% on Tuesday, despite gains in benchmark crude futures.
Basrah Heavy crude slid $3.97, or 5.36%, to $70.15 per barrel, while Basrah Medium crude dropped 5.08% to $74.15 per barrel.
Brent crude futures rose $0.03, or 0.03%, to $104.8 per barrel. US West Texas Intermediate (WTI) crude gained $0.20, or 0.21%, to $96.66 per barrel. The OPEC reference basket stood at $115.86 per barrel, up 2.67%.
https://shafaq.com/en/Economy/Basrah-crudes-drop-5-despite-global-oil-gains
Iraq’s Oil Exports Rise 9.5% In October
2026-11-03 Shafaq News- Baghdad Iraq’s crude oil exports rose 9.5% in October to 3.35 million barrels per day (bpd), approaching pre-war levels as shipments increased through southern terminals and the northern pipeline to Turkiye, Bloomberg reported.
According to tanker-tracking data compiled by Bloomberg and energy analytics firms, Iraq recorded the second-largest increase among four major Gulf Arab oil producers, with shipments through its northern route nearly doubling.
Read more: Iraq’s oil exports via Turkiye reach 500,000 bpd
Combined exports from Iraq, Saudi Arabia, the United Arab Emirates, and Kuwait rose 10% from September to 15.53 million bpd, roughly matching pre-war levels. Saudi Arabia led the growth, with exports rising 13% to 7 million bpd through the Strait of Hormuz and Red Sea terminals, including a 35% increase in shipments from Yanbu to 3.07 million bpd.
The UAE increased its flows by 50,000 bpd to 3.74 million bpd, the highest since July, while Kuwait recorded a roughly one-third jump to 1.44 million bpd.
Iran, however, recorded no detected crude or condensate exports for a second consecutive month under the US naval blockade, although Bloomberg cautioned that the figures may be incomplete because many tankers disable their tracking systems while navigating the Persian Gulf.
The recovery in Gulf Arab oil shipments has helped maintain global supplies despite regional tensions, easing pressure on prices. Brent crude traded near $106 per barrel on Monday.
OPEC and its allies are assessing member countries’ production capacity ahead of a November 29 meeting to discuss output targets for 2027.
Read more: Iraq’s Hormuz reliance exposed as regional wars drag on
https://shafaq.com/en/Economy/Iraq-s-oil-exports-rise-9-5-in-October
US Dollar Slips In Baghdad, Erbil
2026-11-03 03:20 Shafaq News- Baghdad/ Erbil The US dollar opened Tuesday’s trading lower in Baghdad and Erbil, hovering around 168,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 167,900 dinars per 100 dollars, down from the previous session’s 168,350 dinars.
In the Iraqi capital, exchange shops sold the dollar at 168,500 dinars and bought it at 167,500 dinars, while in Erbil, selling prices stood at 167,800 dinars and buying prices at 167,700 dinars.
Gold Prices Dip In Baghdad And Erbil
2026-11-03 04:27 Shafaq News- Baghdad/ Erbil Gold prices edged lower in Baghdad and Erbil on Tuesday, hovering around 920,000 IQD per mithqal, according to a Shafaq News survey.
On Baghdad’s Al-Nahr Street, 21-carat Gulf, Turkish, and European gold sold for 918,000 IQD per mithqal (five grams), with a buying price of 914,000 IQD, compared with 920,000 IQD on Monday.
The selling price for 21-carat Iraqi gold stood at 888,000 IQD, while the buying price reached 884,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 920,000 and 930,000 IQD, while Iraqi gold sold for between 890,000 and 900,000 IQD.
In Erbil, 22-carat gold was sold at 984,000 IQD per mithqal, 21-carat gold at 940,000 IQD, and 18-carat gold at 806,000 IQD.
https://shafaq.com/en/Economy/Gold-prices-dip-in-Baghdad-and-Erbil-0
ISX Weekly Turnover Jumps 457% To $12.4M
2026-11-03 Shafaq News- Baghdad Trading on the Iraq Stock Exchange (ISX) surged last week, with turnover jumping 457% to 18.883 billion dinars, about $12.4 million, even as the main index fell and foreign investors were net sellers, according to a weekly report from the exchange released on Tuesday.
Volume rose about 1,280% from the previous week to 52.754 billion shares across 5,521 trades. The ISX60 index, the exchange's benchmark, closed at 913.53 points, down 1.85% from the previous week's close of 930.78.
Shares of 64 companies changed hands during the week. Another 31 did not trade because buy and sell orders failed to match, while 10 remained suspended for failing to meet disclosure requirements.
Foreign investors sold 542 million shares worth 690 million dinars, about $454,000, in 655 trades, and bought 255 million shares worth 31 million dinars, about $20,000, in 81 trades. That left net foreign selling of about 659 million dinars, or roughly $434,000.
The exchange holds five trading sessions a week, Sunday through Thursday, and lists 105 Iraqi companies in banking, telecommunications, industry, agriculture, insurance, financial investment, tourism, hotels and services.
Iraq devalued the dinar on October 7, 2026, raising the official rate for selling cash dollars to the public from 1,320 to 1,520 dinars per US dollar. Dollar figures are converted at the new rate.
https://shafaq.com/en/Economy/ISX-weekly-turnover-jumps-457-to-12-4M