Iraq Economic News and Points To Ponder Monday Afternoon 6-15-26
Crude Prices Fall To March Lows On US-Iran Accord
2026-06-15 Shafaq News Oil prices slipped to their lowest since March on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.
Brent crude futures fell $4.08, or 4.7%, to $83.25 a barrel by 0415 GMT and U.S. West Texas Intermediate was at $80.53, down $4.35, or 5.1%. Both contracts fell to their lowest levels since March 10 on Monday after tumbling more than 3% on Friday.
The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, said the prime minister of Pakistan, whose country has served as a mediator. Trump said on Sunday that the Strait of Hormuz would be open "toll free" and that a U.S. naval blockade of Iranian ports would also end.
Iran's semi-official Mehr news agency said the draftdeal called for reopening the Strait of Hormuz within 30 days under Iranian arrangements.
"The geopolitical risk premium that had been built into crude is now being unwound quite aggressively as traders price in the prospect of restored oil flows," said Tim Waterer, chief market analyst at KCM Trade.
The world has lost millions of barrels of oil and gas supply since the war closed the Strait of Hormuz, a chokepoint for a fifth of the world's oil and liquefied natural gas supplies, for more than three months.
Investors are also watching cautiously how quickly Middle Eastern producers can resume oil production and exports following damage from the war and whether more ships will enter the region.
"While these uncertainties suggest upside risks to our forecast for Brent oil futures to reach $80/bbl by the end of the year, it's worth noting that oil flows through the Strait of Hormuz just needs to reach 60-70% of pre-war levels to return oil markets to pre-war oversupplyexpectations," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia, said in a note.
Iran's deputy foreign minister, Kazem Gharibabadi, said a more expansive agreement would be negotiated during a 60-day ceasefire period.
E4 nations, which include the UK, France, Germany and Italy, said on Sunday the countries were prepared to lift sanctions on Iran in response to steps on its nuclear programme.
"Beyond the immediate price reaction, attention will now shift toward the pace of actual supply normalization and compliance with the agreement," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
"While the conflict may have come to an end and oil flows through the Strait of Hormuz may gradually return to normal, the damage already done cannot be reversed overnight. This includes not only any physical damage to oil infrastructure but also the economic strain endured byoil importing economies that have faced elevated energy costs for months."
(Reuters) https://www.shafaq.com/en/Economy/Crude-prices-fall-to-March-lows-on-US-Iran-accord
https://www.shafaq.com/en/Economy/Crude-prices-fall-to-March-lows-on-US-Iran-accord
Baghdad Requests Extension Of Kirkuk-Ceyhan Oil Deal
2026-06-15 Shafaq News- Baghdad Iraq has formally asked Turkiye to extend the agreement covering the oil pipeline linking Kirkuk to the Turkish port of Ceyhan for at least one year, seeking additional time to negotiate a new arrangement for crude exports through the route.
Ali Nizar, Iraq's State Oil Marketing Organization (SOMO) chief, also told Reuters that the country exported around 12 million barrels of crude through its southern ports since the beginning of June.
The Kirkuk-Ceyhan accord is set to expire on July 27, ending decades of cooperation on oil shipments between Iraq and Turkiye. https://www.shafaq.com/en/Economy/Baghdad-requests-extension-of-Kirkuk-Ceyhan-oil-deal
US Dollar Edges Lower In Baghdad And Erbil
2026-06-15 Shafaq News- Baghdad/ Erbil The US dollar opened Monday’s trading lower in Iraq, hovering around 154,500 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 central exchanges at 154,200 dinars per 100 dollars, down from 154,600 dinars recorded on Sunday.
In the Iraqi capital, exchange shops sold the dollar at 154,750 dinars per 100 dollars and bought it at 153,750 dinars.
In Erbil, the dollar was selling at 153,850 dinars per 100 dollars and buying at 153,800 dinars.
https://www.shafaq.com/en/Economy/US-Dollar-edges-lower-in-Baghdad-and-Erbil
Iraq-Jordan Power Link Expected To Finish In Three Months
2026-06-15 Shafaq News- Al-Anbar The Iraq-Jordan electricity interconnection project has entered its final stages, with the transmission line linking Al-Rutba and Al-Qaim districts in western Al-Anbar province expected to be completed within the next three months, a senior local official told Shafaq News on Monday.
Al-Rutba District Commissioner (Qaimaqam) Imad Al-Dulaimi said the district has received uninterrupted electricity from Jordan for nearly three years through a 132-kilovolt line. The expansion will increase transmission to 400 kilovolts and extend coverage to Al-Qaim.
The first stage is expected to add around 200 megawatts to Iraq's grid through the National Control Center of the Electricity Ministry, Al-Dulaimi noted, while stressing that broader reforms remain necessary. Those efforts include linking Iraq to the Gulf power network and expanding domestic production, including the planned Al-Anbar thermal power station.
Official figures show Al-Anbar currently receives between 600 and 650 megawatts, compared with demand estimated at 2,700 to 3,000 megawatts, limiting service to six to eight hours a day.
Former Electricity Minister Ziad Ali Fadhil inaugurated the initial phase in Al-Rutba in March 2024.
Iraq remains heavily reliant on electricity and gas imports from Iran, particularly during the summer. The challenge has intensified since Washington revoked a sanctions waiver that allowed Baghdad to continue purchasing Iranian energy. Electricity Minister Ali Saad Waheeb this month ordered the creation of a central emergency operations room after ministry officials warned that lower domestic gas output and a 50% drop in imports from Iran could strain the system during the summer of 2026.
Read more: Iraq power 2026: war on Iran collapses the grid's last defenses
https://www.shafaq.com/en/Economy/Iraq-Jordan-power-link-expected-to-finish-in-three-months
Gold Prices Rise In Baghdad And Erbil
2026-06-15 Shafaq News- Baghdad/ Erbil Gold edged higher in Baghdad and Erbil on Monday, hovering around 930,000 IQD per mithqal, according to Shafaq News market survey.
Wholesale prices on Baghdad's Al-Nahr Street recorded a selling price of 935,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 931,000 IQD, up from Sunday’s 917,000 IQD.
The selling price for 21-carat Iraqi gold stood at 905,000 IQD, with a buying price of 901,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 935,000 and 945,000 IQD, while Iraqi gold sold for between 905,000 and 915,000 IQD.
In Erbil, 22-carat gold was sold at 988,000 IQD per mithqal, 21-carat gold at 943,000 IQD, and 18-carat gold at 808,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-and-Erbil-5-7
Weekly Trading Value On Iraq Bourse Plunges 94%
2026-06-15 Shafaq News- Baghdad The Iraq Stock Exchange (ISX) recorded more than four billion Iraqi dinars (roughly $3M) in trading value last week, marking a 94% decrease compared with the previous week.
According to market data, 2.699 billion shares were traded worth 4.390 billion dinars, down 96% in volume from last week, through 6,278 transactions.
The ISX60 index closed at 954.14 points, reflecting a 0.37% decrease from the previous session.
Investors traded shares of 57 companies, while 35 others saw no activity due to unmatched buy and sell orders. Eleven companies remained suspended for failing to submit required disclosures.
Non-Iraqi investors purchased 456 thousand shares worth one million dinars through five transactions, while selling 15 million shares valued at 60 million dinars through 44 transactions.
The Iraq Stock Exchange holds five trading sessions per week, from Sunday to Thursday, and includes 104 listed Iraqi joint-stock companies representing the banking, telecommunications, industry, agriculture, insurance, financial investment, tourism, hotel, and service sectors. https://www.shafaq.com/en/Economy/Weekly-trading-value-on-Iraq-bourse-plunges-94