Iraq Economic News and Points To Ponder Wednesday Morning 5-27-26
Iranian President: The Main Battle Is Taking Place Today On The Economic War Front
Arabic and international Economy News - Follow-up Iranian President Masoud Pezeshkian asserted on Wednesday that the main battle is taking place today in the arena of economic warfare.
Pezeshkian said, "The main battle is taking place today in the arena of economic warfare."
He added that "after the enemy's failure in the military war, it is focusing on targeting our economic resilience and creating a disruption in the living conditions." https://www.economy-news.net/content.php?id=69598
Tehran Is Negotiating Over Its Frozen Assets; Qatari Mediation Aims To Resolve The Final Obstacle With Washington
Money and Business Economy News - Follow-up Iran’s Tasnim news agency quoted a source close to the Iranian negotiating team on Tuesday as saying that the release of about $24 billion of frozen Iranian funds is one of the most prominent items on the agenda of the memorandum of understanding being negotiated between Tehran and Washington.
According to the source, Iranian Parliament Speaker Mohammad Baqer Qalibaf traveled to the Qatari capital, Doha, as part of efforts to reach an agreement on the mechanism for releasing these funds, amid intensive Qatari mediation between the two sides.
Tasnim News Agency confirmed that Qalibaf’s visit to Qatar made progress in indirect talks with the United States.
For its part, the Iranian news agency Fars indicated that Qatari mediation is currently working to resolve the issue of frozen Iranian funds, which is considered the "last sticking point" in the negotiations.
Fars reported that understandings between Washington and Tehran are nearing their final stages, after addressing most of the contentious issues, while the discussion is currently focused on the mechanisms for releasing Iranian funds and the conditions for implementing this within the framework of the proposed agreement.
Iran’s frozen funds abroad are estimated at $100 to $120 billion, representing oil sales revenues and Iranian assets held in international banks due to sanctions. These assets are currently at the heart of complex negotiations between Washington and Tehran, with Iran insisting on their release as a prerequisite for any agreements.
Estimates indicate that the most prominent countries holding Iranian financial revenues are China, which holds about $20 billion in oil revenues, in addition to $7 billion in India, $6 billion in Iraq related to electricity and gas revenues, as well as $6 billion transferred by South Korea to Qatar under previous understandings, in addition to other assets distributed in Japan, Luxembourg and the United States.
The roots of the Iranian funds seizure crisis go back to 1979 following the American hostage crisis in Tehran, when the first large batch of Iranian assets was frozen, and the issue later turned into an accumulated and complex file that the past decades have failed to resolve. https://www.economy-news.net/content.php?id=69559
Gold Rises As The Dollar Weakens And The World Awaits US-Iran Talks
Money and Business Economy News - Follow-up Gold rose on Wednesday, supported by a weaker dollar, as investors awaited any signs of progress in peace talks between the United States and Iran and assessed the outlook for monetary policy from the Federal Reserve.
Spot gold rose 0.2% to $4,516.76 an ounce by 00:51 GMT.
US gold futures for June delivery also rose 0.3% to $4,516.30.
The dollar weakened, making the precious metal priced in US dollars less expensive for holders of other currencies.
Iran said on Tuesday that the United States had violated the ceasefire by bombing targets near the Strait of Hormuz, potentially complicating efforts to end the war.
Meanwhile, U.S. Secretary of State Marco Rubio said that negotiating an agreement to end the conflict might "take a few days," after both sides had previously indicated progress regarding a memorandum of understanding that would halt hostilities and resume navigation through the Strait of Hormuz.
Markets are awaiting statements from Federal Reserve policymakers, including Vice Chairman Philip Jefferson and Council member Lisa Cook, to assess the impact of inflation on the future stance of monetary policy.
Investors are also awaiting the release of the US Personal Consumption Expenditures (PCE) data for April, due on Thursday, for any clues about the direction of US monetary policy.
As for other precious metals, silver rose 0.6% in spot trading to $77.40 an ounce, platinum was steady at $1,957.75, while palladium gained 0.9% to $1,391.68. https://www.economy-news.net/content.php?id=69590
Petroleum Products: Our Stations Are Supplying Citizens With Fuel Normally
Energy Economy News – Baghdad The Oil Products Company announced on Wednesday that fuel stations are operating normally in Baghdad and the provinces.
The company said in a statement received by "Al-Eqtisad News" that "fuel stations are operating normally in Baghdad and the provinces." She added, "We have directed that stations on external roads operate 24 hours a day."
https://www.economy-news.net/content.php?id=69596
Basra Crude Oil Prices Fall Amid Global Oil Decline
Energy Economy News – Baghdad Iraqi crude oil prices fell by more than 1.8% on Wednesday, coinciding with a drop in global oil prices.
U.S. West Texas Intermediate crude fell to $92.08 a barrel, down $1.81 or 1.93%, while Brent crude dropped to $98 a barrel, down $1.58 or 1.59%.
At the Iraqi level, Basra Heavy crude fell to $97.38 per barrel, a decrease of 1.83%, while Basra Medium crude fell to $99.48 per barrel, a decrease of 1.80%.
The OPEC basket also recorded a decline to $107.37 per barrel, down 4.46%, while the UAE's Murban crude rose 2.40% to $95.05 per barrel. https://www.economy-news.net/content.php?id=69594
Oil Prices Fell As Investors Awaited Progress In US-Iranian Talks
Energy Economy News - Follow-up Oil prices fell on Wednesday, giving up some of their earlier gains, as markets awaited developments in talks between the United States and Iran on ending tensions and reopening vital sea lanes.
Brent crude futures fell by $1.42, or 1.43%, to $98.16 a barrel, while U.S. West Texas Intermediate crude futures declined by $1.66, or 1.77%, to $92.23 a barrel.
The decline came after gains of more than 4% in the previous session, following new US strikes inside Iran that raised concerns about stalled efforts to end the conflict and reopen the Strait of Hormuz.
Markets are closely monitoring the course of US-Iranian negotiations amid escalating security tensions, while signs that some energy tankers have crossed the strait have boosted hopes for a wider resumption of global supplies.
https://www.economy-news.net/content.php?id=69593
An External Explosion Hits An Oil Tanker Off The Coast Of Oman, Causing A Fuel Leak
Energy Economy News - Follow-up The UK Maritime Trade Operations (UKMTO) reported an explosion on an oil tanker off the coast of Oman, resulting in a fuel spill into the sea. The crew and vessel are reported to be safe.
The authority stated that the incident occurred 60 nautical miles (approximately 111 kilometers) east of the Omani capital, Muscat. The tanker's captain reported an "external explosion" on the port side of the vessel at the stern, near the waterline.
As a result of the explosion, some bunker fuel leaked into the sea, but the crew and the ship are fine and no injuries have been reported.
According to a report by the Joint Maritime Information Centre (JMIC), the tanker was identified as "Olympic Life," a 318,676-ton Greek-owned crude oil tanker registered in the Marshall Islands, built in 2019.
This incident comes amid a major military escalation in the region, with US forces launching airstrikes early Tuesday targeting Iranian missile sites and boats that were laying sea mines in the Gulf. US officials confirmed that these strikes were carried out in "self-defense" to protect US forces.
For its part, Iran accused the United States of violating the ceasefire agreement, and the Iranian Revolutionary Guard vowed revenge. The Iranian Fars News Agency reported that Iranian forces shot down an American drone and forced American aircraft to leave Iranian airspace.
This incident is the latest in a series of attacks and explosions in the region since the war began three months ago, with Iran planting sea mines in the waters of the Strait of Hormuz as part of its campaign to disrupt navigation.
About one-fifth of the world’s oil production passes through the Strait of Hormuz, and its de facto closure has resulted in the detention of more than 1,550 commercial vessels and about 22,500 sailors in the Gulf.
Tim Hawkins, a spokesman for the U.S. Central Command, said that U.S. forces carried out "defensive strikes in southern Iran today to protect our forces from threats posed by Iranian forces."
This escalation comes despite ongoing negotiations between the United States and Iran, mediated by Pakistan, to reach an agreement to end the war. US Secretary of State Marco Rubio announced that the talks could continue for several more days to finalize a possible agreement. https://www.economy-news.net/content.php?id=69591