Iraq Economic News and Points To Ponder Monday Morning 7-13-26

Fresh US-Iran Strikes Drive Oil Prices Higher

2026-07-13 01:16    Shafaq News   Oil prices surged over 4% on Monday as energy shipments via ​the Strait of Hormuz remained under threat, with the U.S. and ‌Iran announcing renewed military strikes.

Brent crude futures climbed $3.10, or 4.08%, to $79.11 by 0325 GMT, while U.S. West Texas Intermediate crude rose $2.95, or 4.11%, to $74.36 a barrel.

U.S. forces completed another wave of strikes ​against Iran on Sunday, hitting dozens of targets at multiple locations with ​precision munitions, the Central Command said. Iran's Revolutionary Guards said on ⁠Monday they attacked U.S. military bases in Kuwait and Bahrain.

U.S. President Donald Trump said ​on Sunday that the Strait of Hormuz is open to commercial traffic, although Iran ​declared earlier that it closed the strait after a vessel traveled on an unapproved route and was struck.

Some 20% of the world's oil and liquefied natural gas transited the strait before ​the war began at the end of February.

Six vessels transited the strait on ​Sunday, ship-tracking data from Kpler showed, the lowest number in five weeks.

The escalating attacks cast further ‌doubt ⁠on the future of an interim U.S.-Iranian agreement signed last month that aimed to reopen the strait and end the war after a further 60 days of negotiations.

Following the agreement, global oil supply rose by 4.1 million barrels per day in ​June, but remained 9.4 ​million bpd below ⁠pre-war levels, the International Energy Agency said in its monthly report on Friday.

"Hopes of a relatively quick resolution to the recent ​skirmishes may be in doubt after tension escalated over the ​weekend," ANZ ⁠analysts said in a note.

IG market analyst Tony Sycamore said the relatively tame rise in oil prices suggested the market was taking the view that the current flare-up ⁠represented an ​escalation within a fragile truce and fell well ​short of a complete collapse of the ceasefire.

"How accurate that view is remains to be seen," he ​said in a note.

(REUTERS) https://www.shafaq.com/en/Economy/Fresh-US-Iran-strikes-drive-oil-prices-higher

Gold Drops Over 1% On Oil Surge

2026-07-13 03:05   Shafaq News  Gold prices slid ‌more than 1% on Monday as fears of a closure of the Strait of Hormuz drove oil prices sharply higher, reviving expectations of elevated interest rates to combat inflationary pressures from escalating hostilities in the Middle ​East.

Spot gold dropped 1.5% to $4,060.36 per ounce by 0541 GMT. U.S. gold futures for August ​delivery were down 1.1% at $4,068.30.

U.S. and Iranian forces have exchanged heavy missile ⁠and drone assaults, with Tehran targeting U.S. facilities in states across the Gulf on Sunday and saying ​it had again closed the vital Strait of Hormuz.

Oil prices jumped about 4%, the dollar and ​U.S. Treasury yields climbed, and share markets slipped in Asia.

"Any breakout of violence in the Gulf is accompanied by pressure on gold," said Nicholas Frappell, global head of institutional markets at ABC Refinery.

"The question is, if the ​Strait of Hormuz remains effectively or partially closed, does that lead to a deflationary effect, ​further down the road, that might actually be supportive for gold if you have demand destruction leading to lower ‌economic ⁠activity," Frappell added.

Kevin Warsh's first semiannual testimony before Congress as Federal Reserve chair, along with a slate of key U.S. economic data, including June CPI, PPI and retail sales, will be closely watched this week for fresh clues on the economy, inflation and the monetary policy outlook.

Remarks from Fed ​policymakers, including Vice Chair ​Michelle Bowman and Governor ⁠Christopher Waller, later in the day are also in focus as they could provide insights on how inflationary pressures are affecting the central bank's ​stance on interest rate hikes.

Traders are currently pricing in a 72% chance ​of a ⁠U.S. Fed interest rate hike in September, up from about 63% last week, according to the CME FedWatch Tool. FEDWATCH/

COMEX gold speculators trimmed their net long positions by 1,964 contracts to 114,854 in the ⁠week to ​July 7, data released on Friday showed, following three ​consecutive weeks of increases.

Elsewhere, spot silver declined 2.6% to $58.29 per ounce, platinum shed 1.6% to $1,601.92, and palladium fell 2% to $1,251.42.

(REUTERS) https://www.shafaq.com/en/Economy/Gold-drops-over-1-on-oil-surge

Dollar Edges Higher In Baghdad, Erbil

2026-07-13 03:47 Shafaq News- Baghdad/ Erbil  The US dollar opened Monday’s trading higher in Iraq, hovering around 154,000 dinars per 100 dollars.

According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,600 dinars per 100 dollars, up from the previous session’s 153,300 dinars.

In the Iraqi capital, exchange shops sold the dollar at 154,000 dinars and bought it at 153,000 dinars, while in Erbil, selling prices stood at 153,350 dinars and buying prices at 153,250 dinars.

https://www.shafaq.com/en/Economy/Dollar-edges-higher-in-Baghdad-Erbil

Oil Dominates Iraq's Exports To US At $6.5 Billion In 2025

2026-07-13 04:15  Shafaq News- Baghdad   Mineral fuels and oil products accounted for nearly all of Iraq's exports to the United States in 2025, with total Iraqi exports to the US market reaching $6.5 billion, according to Trading Economics data based on US Census Bureau figures.

Crude oil alone was valued at $4.79 billion, while petroleum oils and oils obtained from bituminous minerals contributed an additional $1.65 billion, bringing total energy exports to $6.45 billion, or 99% of all Iraqi exports to the US market. No single non-energy category exceeded $37 million.

Iraq's exports to the US have followed a consistent downward trend in recent years, from $10 billion in 2022 to $8.9 billion in 2023, $7.7 billion in 2024, and $6.5 billion in 2025.

Read more: Iraq's oil revenues under US financial guard 23 years after invasion

https://www.shafaq.com/en/Economy/Oil-dominates-Iraq-s-exports-to-US-at-6-5-billion-in-2025

Gold Prices Fall In Baghdad And Erbil

2026-07-13 05:05   Shafaq News- Baghdad/ Erbil  On Monday, gold prices dropped in Baghdad and Erbil, hovering around 875,000 IQD per mithqal, according to Shafaq News market survey.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 876,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 872,000 IQD. The same gold had sold for 880,000 IQD on Sunday.

The selling price for 21-carat Iraqi gold stood at 846,000 IQD, with a buying price of 842,000 IQD.

In jewelry stores, 21-carat Gulf gold ranged between 875,000 and 885,000 IQD per mithqal, while Iraqi gold sold for between 845,000 and 855,000 IQD.

In Erbil, 22-carat gold was sold at 924,000 IQD per mithqal, 21-carat gold at 882,000 IQD, and 18-carat gold at 756,000 IQD.

https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-and-Erbil-2-5

ISX Reports $16M In Weekly Trading

2026-07-13 07:17   Shafaq News- Baghdad   The Iraq Stock Exchange (ISX) recorded nearly 21 billion Iraqi dinars in trading volume last week —roughly $16 million.

According to the recorded data, more than 7.5 billion shares were traded during the week across five trading sessions.

The ISX60 index closed at 1,016.21 points, reflecting a 1% increase from the previous session.

Throughout the week, the exchange executed 4,303 sale and purchase contracts involving 63 listed companies. Shares of 32 companies were not traded because buy and sell orders did not match, while trading in eight companies remained suspended for failing to submit the required disclosures.

Non-Iraqi investors purchased 349,000 shares worth 567 million Iraqi dinars (about $431,000) through 185 transactions, while selling nearly 1 billion shares valued at 2 billion Iraqi dinars (about $1.52M) in 428 transactions.

https://www.shafaq.com/en/Economy/ISX-reports-16M-in-weekly-trading