Iraq Economic News and Points To Ponder Wednesday Morning 7-29-26

Oil Jumps 4% After US-Saudi Strikes In Iraq

026-07-29  Shafaq News   Oil prices rose more than $3 a barrel on Wednesday after joint ​strikes in Iraq by the United States and Saudi Arabia, and ‌the interception of Iran's ballistic missiles aimed at U.S. forces in the Middle East, while U.S. crude inventories shrank.

Brent futures increased by $3.30, or 3.9%, to $87.39 a barrel by 0300 ​GMT, while U.S. West Texas Intermediate (WTI) crude rose $3.05, or 3.8%, to $82.31 ​a barrel.

"Renewed strength comes after the U.S. said it intercepted a ⁠surprise attack on U.S. troops," ING analysts said in a note.

"Saudi Arabia ​intercepted drones from Iranian-backed groups in Iraq, which were targeting Saudi energy infrastructure," ​they said, adding that U.S. and Saudi forces launched strikes on weapon sites across eastern Iraq.

The latest developments dampen expectations for a swift de-escalation in the Persian Gulf, they said.

The ​U.S. military said it intercepted ballistic missiles launched by Iran towards U.S. forces ​in the Middle East in what Washington called "an attempted surprise attack" by Tehran.

Iran's elite Revolutionary ‌Guards ⁠later said they fired several ballistic missiles at a U.S. air base and military Central Command center in Jordan.

Saudi Arabia also said its armed forces, in coordination with U.S. Central Command, carried out "targeted strikes" against Iran-backed groups in Iraq ​it blamed for drone ​attacks on the ⁠kingdom's oil facilities.

U.S. crude inventories fell by about 3.3 million barrels in the week ended July 24, market sources said ​on Tuesday, citing data from the American Petroleum Institute.

Official ​inventory data ⁠from the Energy Information Administration is due later on Wednesday.

Further supporting prices, OPEC+ is likely to halt oil output increases for three months starting in October, sources told ⁠Reuters, ​after the producer group completes the scheduled return ​of barrels following voluntary cuts.  (Reuters)

https://www.shafaq.com/en/Economy/Oil-jumps-4-after-US-Saudi-strikes-in-Iraq

Basrah Crudes Slip Amid Benchmark Gains

2026-07-29 Shafaq News- Basrah  Iraq’s Basrah crude declined by nearly 1% on Wednesday, despite strong gains in the benchmark crude futures.

Basrah Heavy crude slipped 0.90% to $53.70 per barrel, while Basrah Medium crude fell 0.87% to $56.00 per barrel.

Brent crude climbed $2.70, or 3.2%, to $86.79 per barrel, while US West Texas Intermediate crude advanced $2.65, or 3.3%, to $81.91 per barrel.

OPEC's basket fell 8.54% to $88.91 per barrel, while UAE Murban crude edged down 0.40% to $84.09 per barrel. Saudi Arabia's Arab Light crude declined 1.21% to $75.29 per barrel, Kuwait Export Blend dropped 6.86% to $87.56 per barrel, Qatar Land crude lost 5.50% to $83.84 per barrel, and Dubai crude slipped 2.55% to $76.91 per barrel.

https://www.shafaq.com/en/Economy/Basrah-crudes-slip-amid-benchmark-gains

Dollar Rises In Baghdad And Erbil

2026-07-29  Shafaq News- Baghdad/ Erbil  The US dollar opened Wednesday's trading higher in Iraq, hovering around 150,250 dinars per 100 dollars in Baghdad and Erbil.

According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 150,300 dinars per 100 dollars, up from Tuesday's 149,900 dinars.

In the Iraqi capital, exchange shops sold the dollar at 150,750 dinars and bought it at 149,750 dinars.

In Erbil, selling prices stood at 150,350 dinars and buying prices at 150,250 dinars.

https://www.shafaq.com/en/Economy/Dollar-rises-in-Baghdad-and-Erbil-2

Baghdad Gold Holds Firm While Erbil Ticks Higher

2026-07-29  Shafaq News- Baghdad/ Erbil   On Wednesday, gold prices held steady in Baghdad while edging higher in Erbil, hovering around 850,000 IQD per mithqal in the capital, according to Shafaq News market survey.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 848,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 844,000 IQD, unchanged from Tuesday.

The selling price for 21-carat Iraqi gold stood at 818,000 IQD, with a buying price of 814,000 IQD.

In jewelry stores, 21-carat Gulf gold ranged between 850,000 and 860,000 IQD per mithqal, while Iraqi gold sold for between 820,000 and 830,000 IQD.

In Erbil, 22-carat gold was sold at 897,000 IQD per mithqal, 21-carat gold at 857,000 IQD, and 18-carat gold at 734,000 IQD.

https://www.shafaq.com/en/Economy/Baghdad-gold-holds-firm-while-Erbil-ticks-higher

Iraq Announces The Launch Of The Service "Starlink"

Money and business    Economy News _ Baghdad   The head of the executive body of the Media and Communications Authority, Bleigh Abu Kalal, announced on Wednesday the actual launch of the satellite Internet service "Starlink" in Iraq.

Abu Kull said in a blog post posted on the "X" platform: "On the blessing of God, the actual launch of Starlink service in Iraq is now."

The announcement comes after months of regulatory and technical measures related to the introduction of the satellite Internet service to the Iraqi market, allowing users to benefit from the service in accordance with the controls approved by the competent authorities. https://www.economy-news.net/content.php?id=71951

US Embassy Issues New Security Alert, Urges Americans Not To Travel To Iraq

Iraq   Jawad Al-Samarraie  July 29, 2026 Baghdad (IraqiNews.com) – The U.S. Embassy in Baghdad on Wednesday issued a security alert advising American citizens to avoid travel to Iraq, following a series of attacks that it said were carried out by Iran-aligned militias targeting locations inside Iraq and across the region.

In the alert, the embassy urged U.S. nationals currently in Iraq to remain vigilant, closely monitor local media, and follow instructions issued by Iraqi authorities.

The embassy also warned that air travel could be affected without prior notice, including possible flight delays, cancellations, or temporary airspace closures.

As a result, American citizens planning to travel were advised to check directly with their airlines before heading to airports, as flight schedules may change at any time.

The mission reiterated that Iraq remains under the U.S. State Department’s Level 4: Do Not Travel advisory, citing terrorism, kidnapping, armed conflict, civil unrest, and the U.S. government’s limited ability to provide emergency services to its citizens in the country.

In addition to avoiding unnecessary travel, the embassy encouraged U.S. citizens already in Iraq to maintain communication with family members, ensure travel documents remain valid, and keep mobile phones fully charged.

The advisory also urged Americans to avoid protests and demonstrations, maintain a low profile, stay aware of their surroundings, and enroll in the Smart Traveler Enrollment Program (STEP) to receive security updates.

Furthermore, the embassy advised citizens to follow official U.S. State Department security alerts and remain prepared for rapidly changing conditions.

The advisory comes amid heightened security tensions across Iraq and the wider region.

Earlier this week, Kurdistan Region Prime Minister Masrour Barzani said the region had recently come under drone attacks launched from the direction of Nineveh, stressing the need for an effective air defense system to protect the Kurdistan Region.

Days earlier, coalition forces intercepted eight explosive-laden drones targeting Erbil. The Kurdistan Region’s Counter-Terrorism Service said all of the drones were successfully destroyed before reaching their targets, with no casualties reported.

The U.S. Embassy continues to operate in Iraq, although the mandatory departure order for non-essential U.S. government personnel remains in effect.

https://www.iraqinews.com/iraq/us-embassy-security-alert-iraq-do-not-travel/