Iraq Economic News and Points To Ponder Wednesday Morning 7-01-26
Oil Rises As Talks Between Washington And Tehran Stalled, U.S. Inventories Fall
Shafaq News - Baghdad/ Erbil Oil prices rose on Wednesday, helped by fears of continued supply disruptions in the Middle East after talks between the United States and Iran stalled over a final deal to end the war between them.
Brent crude futures rose 33 cents, or 0.45%, to $73.28 a barrel, while U.S. West Texas Intermediate crude rose 34 cents, or 0.49%, to $69.84 a barrel.
The gains also came after data showed U.S. crude oil inventories fell by 6.1 million barrels in the week to June 26, along with declining gasoline inventories, raising supply concerns.
In the political developments, Iran and Qatar announced that Tehran would meet with mediators in Doha instead of holding direct talks with US officials, despite the arrival of US envoy Steve Whitkov and Jared Kushner to the Qatari capital for talks described by Washington as "high-level."
U.S. Vice President J.D. Vance also stressed that the United States will not allow Iran to impose transit fees on passing ships through the Strait of Hormuz, noting that oil flows through the Strait have returned to pre-war levels. LINK
Gold Fell On Rising US Bond Yields And Rising Interest Rate Expectations
Shafaq News - Baghdad/ Erbil Gold prices fell on Wednesday after hitting seven-month lows during the previous session, weighed down by higher U.S. Treasury yields and rising expectations of interest rate hikes by the Federal Reserve.
The price of gold in spot transactions fell 0.7% to $ 3979.41 an ounce, after falling in the previous session to $ 3942.99 an ounce, the lowest level since last November. U.S. gold futures for August delivery fell 1.1 percent to $3,992.70 an ounce.
Gold recorded its largest quarterly decline since 2013 during the second quarter of 2026, and fell for the fourth consecutive month in June, amid growing inflationary fears and high expectations of tightening US monetary policy.
The U.S. dollar and 10-year U.S. Treasury yields rose, adding to pressure on gold by raising the cost of holding the precious metal for investors holding other currencies.
In the same context, the markets expect the Federal Reserve to raise interest rates in September, while investors are waiting for the release of US employment data for June and non-farm payrolls figures to obtain new indicators on the course of monetary policy.
In other precious metals, spot silver fell 1.4 percent to $57.75 an ounce, platinum fell 0.6 percent to $1,542 an ounce, and palladium fell 0.4 percent to $1,199.34 an ounce. LINK
After Baghdad. The Head Of Turkish Intelligence Visits Kirkuk And Discusses With The Governor Joint Files
Twilight News – Kirkuk The governor of Kirkuk, Mehmet Simon Agha, received on Wednesday the head of the Turkish intelligence service Ibrahim Qalan at Kirkuk International Airport, in the first official visit by the Turkish official to the province after the conclusion of his talks in the capital Baghdad.
A local source told "Twilight News" that the head of the Turkish apparatus and his accompanying delegation arrived in the province to hold a series of meetings with the local administration, pointing out that the talks will focus on discussing a number of files of common interest and security and political dimensions between the two sides.
Qalan’s tour of Kirkuk comes hours after high-level meetings he held in Baghdad with senior officials in the federal government, focused on joint security coordination and border and energy files. LINK
Basra Crude Prices Jump By More Than 3% On The Impact Of The Rise Of Global Oil
Shafaq News - Baghdad
Iraqi oil prices rose significantly on Wednesday, in conjunction with the gains made by global energy markets.
Basra heavy crude rose to $ 62.98 per barrel, achieving an increase of $2.32, or 3.82%, while Basra's medium crude rose to $65.08 a barrel, a growth of 3.70%.
Globally, U.S. West Texas Intermediate crude prices grew to $69.77 a barrel, up 0.39%, and Brent crude futures rose to $73.21 a barrel, a slight increase of 26 cents.
Regionally, Saudi Arabian light crude jumped 3.00% to $78.87 a barrel, while Qatar’s Al Shaheen crude rose 2.87% to $67.84, and UAE’s DAS crude rose 0.33% to close at $66.89 per barrel.
Unlike this upward trend, the OPEC crude basket fell 3.60% to settle at $77.37 a barrel, while Dubai crude maintained its price stability at $79.52 per barrel. LINK
The Dollar Opens Wednesday's Trading On A Decline In Baghdad And Erbil
Shafaq News- Baghdad/ Erbil The exchange rates of the US dollar fell on Wednesday morning in the markets of the Iraqi capital Baghdad and in Erbil, the capital of the Kurdistan region, compared to the closure of transactions on Tuesday.
The correspondent of the agency Shafaq News, that the prices of the dollar fell in the stock exchanges of the struggle and Harthiya in Baghdad, to record 155,100 Iraqi dinars for every 100 dollars, after it had recorded on Tuesday 156,000 dinars against 100 dollars.
Our correspondent added that the selling prices in banking shops in the local markets in Baghdad amounted to 155,500 dinars against 100 dollars, while the purchase price recorded 154,500 dinars against 100 dollars.
In Erbil, the capital of the Kurdistan region, the dollar prices also fell, with the sale price of 154,850 dinars against 100 dollars, while the purchase price recorded 154,750 dinars against 100 dollars. LINK
Strict Directives To Subject Government Vehicles To Strict Inspection On External Roads Inside Iraq
Twilight News – Diyala Security sources said on Wednesday that the competent authorities have received strict directives to stop government vehicles and subject them to a thorough inspection, especially on the main roads and lines linking the central, north and south governorates.
The sources told Shafaq News that these measures have entered into force and include official wheels between the provinces, in order to thwart any attempts to smuggle money or documents, or any other assets that may be linked to files currently under investigation.
This field step comes in conjunction with an escalating anti-corruption campaign launched by the government at dawn last Sunday, and affected officials, deputies and businessmen, which Prime Minister Ali al-Zaidi described as the "first phase" of a broader path to recover public money, directing the regulatory bodies to fully mobilize to receive any indicators related to corruption or institutional failure.
In a related context, the Strategic Center for Human Rights warned on Tuesday morning of misleading campaigns aimed at spreading frustration by claiming that anti-corruption efforts will stop or that they will not reach "large heads," considering those attempts an effort to undermine public confidence in the ongoing government and judicial measures. LINK
80%. Sharp Decline In Iraqi Oil Exports To South Korea
Shafaq News – Baghdad Data from the Korean National Oil Company (KNOC) showed that South Korea’s imports of Iraqi crude oil fell by 80.1% year-on-year in May.
According to the data, Korean imports of Iraqi oil during the said month amounted to about 2.146 million barrels, recording a sharp decline compared to 10.778 million barrels in the same month of 2025, a decrease of 62.2% compared to April of this year, reflecting a significant decline in the volume of Iraqi supplies to the Korean market.
In terms of the arrangement of crude oil suppliers to South Korea during the month of May, the lead was as follows:
Saudi Arabia: 18.839 million barrels.
United States: 15.020 million barrels.
United Arab Emirates: 13.151 million barrels.
Algeria: 3.644 million barrels.
Qatar: 2.782 million barrels.
Iraq: 2.146 million barrels.
Kazakhstan: 2.082 million barrels.
During the first five months of this year (January to May), South Korea’s total imports of Iraqi oil amounted to 31,992 million barrels, a total decrease of 29.9% compared to the same period last year.
The Korean report attributed the decline to Seoul’s tendency to diversify its energy sources and reduce excessive dependence on Middle Eastern oil amid the turmoil in the region, as it boosted imports from the UAE, Algeria, Canada and Africa through alternative shipping routes that avoid the Strait of Hormuz.
Seoul plans to raise its imports of Canadian crude oil to 16 million barrels this year, while considering increasing it to 20 million barrels per year in the long term. LINK