Iraq Economic News and Points To Ponder Monday Evening 6-22-26
Oil Declines After US-Iran Talks Conclude
2026-06-22 Shafaq News Brent crude prices slid on Monday after U.S.-Iran talks concluded in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a supply shortage in global markets.
Brent crude fell $1.19, or 1.48%, to $79.38 a barrel by 0416 GMT. Prices had climbed to $82.30 at the start of trading, fuelled by a bumpy start to the talks with threats from U.S. President Donald Trump to restart the war on Iran and Tehran's announcement it had again closed the Strait of Hormuz.
U.S. West Texas Intermediate crude futures were at $76.73 a barrel, up 13 cents, ahead of the contract's expiry later on Monday. The more active August contract fell 21 cents to $75.64 a barrel. There was no settlement in the U.S. market on Friday due to a holiday.
"The decline has been driven primarily by improving prospects for a diplomatic breakthrough between the United States and Iran ... reviving hopes that sanctions on Iran could eventually be eased," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
High-ranking U.S. and Iranian officials wrapped up their first round of talks in Switzerland on Monday, mediators said. The talks began on Sunday under the terms of a memorandum of understanding reached last week to extend a tenuous ceasefire from April for at least another 60 days.
Iranian Foreign Minister Abbas Araqchi said his country had secured waivers for oil and petrochemical exports, the release of some frozen assets and the launch of a reconstruction and development plan for Iran.
"Such a development would allow nearly 1.5 million barrels per day of Iranian crude to return to international markets, significantly improving global supply availability at a time when demand growth remains moderate," Sachdeva said.
'VERY REAL RISKS'
Before the talks, the number of ships that passed the Strait of Hormuz fell sharply on Sunday, shipping data showed, after Iran announced it had again closed the waterway, citing Israeli and U.S. violations of the interim peace deal.
Israeli strikes in Lebanon killed at least 20 people on Saturday, Lebanon's state news agency NNA said, one day after a ceasefire with Hezbollah took effect, aimed at halting months of escalating violence.
"Recent developments show that moving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire," ING analysts said in a note ahead of the announcement of the conclusion of the talks in Switzerland.
Still, oil prices fell more than 8% last week on hopes of more supply from the release of cargoes stranded in the Gulf and the potential lifting of U.S. sanctions on Iranian oil as part of the U.S.-Iran deal.
Over 25 million barrels of Iranian oil have passed through the virtual blockade line since Monday, the head of the National Iranian Oil Company, Hamid Bovard, told state TV on Sunday.
The United Arab Emirates, Kuwait and Iraq have offered more oil to customers in the past week.
Iraq plans to restore crude production gradually to between 4.2 million and 4.3 million barrels per day, Iraq's deputy oil minister for upstream affairs said in a statement on Sunday.
(Reuters) https://www.shafaq.com/en/Economy/Oil-declines-after-US-Iran-talks-conclude
Dollar Nears 157,000 Dinars In Baghdad And Erbil
2026-06-22 Shafaq News- Baghdad/ Erbil The US dollar opened Monday’s trading higher in Iraq, hovering around 157,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 156,700 dinars per 100 dollars, up from the previous session’s 155,900 dinars.
In the Iraqi capital, exchange shops sold the dollar at 157,250 dinars and bought it at 156,250 dinars, while in Erbil, selling prices stood at 156,600 dinars and buying prices at 156,700 dinars.
Speaking to Shafaq News, financial expert Walid Eidi attributed the recent rise primarily to market speculation and uncertainty surrounding changes in the Central Bank of Iraq's leadership, despite the continued stability of the official exchange rate. The increase, he noted, lacks strong economic fundamentals, predicting that pressures on the currency market could ease as regional tensions subside and confidence gradually returns.
https://www.shafaq.com/en/Economy/Dollar-nears-157-000-dinars-in-Baghdad-and-Erbil
Gold Prices Rise In Baghdad And Erbil
2026-06-22Shafaq News- Baghdad/ Erbil Gold prices rose in Baghdad and Erbil on Monday, hovering around 925,000 IQD per mithqal, according to Shafaq News market survey.
Wholesale prices on Baghdad's Al-Nahr Street recorded a selling price of 922,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 918,000 IQD, up from Sunday's 908,000 IQD.
The selling price for 21-carat Iraqi gold stood at 892,000 IQD, with a buying price of 888,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 925,000 and 935,000 IQD, while Iraqi gold sold for between 895,000 and 905,000 IQD.
In Erbil, 22-carat gold was sold at 978,000 IQD per mithqal, 21-carat gold at 933,000 IQD, and 18-carat gold at 799,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-and-Erbil-2-9
Iraq Transport Minister Names Acting Ports Chief
2026-06-22 Shafaq News- Baghdad Iraq's Transport Minister Wahab Salman al-Hassani on Monday formally appointed Alaa Abd al-Hassan Ali Obeid as acting director general of the General Company for Ports of Iraq for a three-month term, according to a document reviewed by Shafaq News.
The company oversees the Grand Al-Faw Port project, a centerpiece of Iraq's $17 billion Development Road initiative, an infrastructure corridor to link the Gulf to Europe through Iraqi territory.
The appointment takes effect from the date Obeid assumes duties and remains in force until a permanent replacement is named through the legally prescribed process.
The move formalizes an arrangement already in place since May 31, when al-Hassani relieved then-director general Farhan al-Fartousi and designated Obeid to manage the state-owned company on a caretaker basis pending the outcome of that suspension.
Al-Hassani also dismissed four department heads at the General Company for Maritime Transport, including the directors of insurance and contracts, replacing each with an acting appointee. The minister cited "requirements of work interest" as the basis for the removals.
Read more: PM Al-Zaidi targets major overhaul of Iraqi institutions
https://www.shafaq.com/en/Economy/Iraq-Transport-Minister-names-acting-ports-chief
Iraq Purchases $17M In Kuwaiti Non-Oil Goods
2026-06-22 Shafaq News- Baghdad Iraq ranked fifth among the largest importers of Kuwaiti non-oil goods in March 2026, with imports valued at 5.24 million Kuwaiti dinars (about $17.1M), according to data released by Kuwait's Central Statistical Bureau.
The figures showed that Saudi Arabia topped the list of importers of Kuwaiti non-oil products, with imports worth 26.52 million Kuwaiti dinars (about $86.6M). It was followed by United Arab Emirates at 17.14 million dinars (about $56.0M), Jordan at 7.51 million dinars (about $24.5M), and India at 7.47 million dinars (about $24.4M).
Kuwait recorded a trade surplus of 1.768 billion Kuwaiti dinars (about $5.77B) during the first quarter of 2026, a 30.6% decline compared with the same period in 2025, amid decreases in exports, imports, and overall trade volume.
https://www.shafaq.com/en/Economy/Iraq-purchases-17M-in-Kuwaiti-non-oil-goods