Iraq Economic News And Points To Ponder Thursday Afternoon 4-30-26
The Toman Loses 65% Of Its Value In 6 Months
Money and Business Economy News - Follow-up The Iranian currency continued its sharp decline in the parallel markets against the US dollar on Thursday morning, coinciding with increasing economic pressure from Washington on Tehran amid fears of a possible renewal of military conflict in the Middle East region.
The US dollar traded at 179,850 tomans, with the local currency losing more than 16% in one week and about 38.65% in the past six months, driven by escalating regional tensions and the ongoing naval blockade of Iranian oil tankers in the Strait of Hormuz. https://www.economy-news.net/content.php?id=68487
Iraq Announces Its Rejection Of Any Illegal Measures That Would Hinder International Trade.
Money and Business Economy News — Follow-up Iraq announced its rejection of any illegal measures that would hinder international trade.
The Ministry of Foreign Affairs stated in a statement received by “Al-Eqtisad News” that “the Permanent Representative of the Republic of Iraq to the United Nations, Ambassador Luqman Al-Faily, participated in the Security Council session held on Wednesday, April 29, 2026, which was dedicated to discussing the item on the maintenance of international peace and security: maritime security.”
The Ambassador delivered a speech on behalf of the Republic of Iraq, in which he emphasized "the great importance that Iraq attaches to maritime security and freedom of navigation, reiterating its full commitment to ensuring freedom of navigation in international waterways, particularly in the Arabian Gulf region and the Strait of Hormuz, in accordance with the provisions of the United Nations Convention on the Law of the Sea (UNCLOS)."
He pointed out that "any threat to these corridors represents a direct danger to the stability of the Iraqi economy, as they are the main route for its oil exports and foreign trade."
He also called for "activating mechanisms for dialogue and cooperation between the Gulf littoral states, stressing his rejection of any illegal measures that would hinder international trade, given their negative impact on global supply chains and their repercussions on energy and food prices." https://www.economy-news.net/content.php?id=68485
Al-Zaydi Discusses With Taif Sami The Files Of Salaries And Financial Revenues
Money and Business Economy News – Baghdad Prime Minister-designate Ali Faleh al-Zaidi discussed the issues of salaries and financial revenues with Finance Minister Taif Sami on Thursday.
A statement from his media office, received by "Al-Eqtisad News," stated that "Prime Minister-designate Ali Falih Al-Zaidi met with Finance Minister Taif Sami."
The statement indicated that "the meeting reviewed the financial situation in Iraq, including financial revenues and the salary file, as well as discussing the challenges facing the financial situation under the current circumstances, and the importance of continuing to work on maximizing and diversifying financial resources."https://www.economy-news.net/content.php?id=68492
Oil Jumps On US Military Option Against Iran
2026-04-30 Shafaq News Oil prices rose on Thursday on a report the U.S. is considering potential military action against Iran to break the deadlock in negotiations to end the war, increasing concerns of more supply disruptions to already curtailed Middle East exports.
Brent crude futures for June rose $5.27, or 4.5%, to $123.30 a barrel as of 0347 GMT after gaining 6.1% in the previous session. The June contract, which has increased for a ninth day, expires on Thursday and the more active July contract was at $113.10, up $2.66, or 2.4%, after gaining 5.8% in the previous session.
U.S. West Texas Intermediate futures for June were up $2.42, or 2.3%, at $109.30 a barrel, after climbing 7% in the previous session, climbing in eight of nine sessions.
Both benchmarks are on track for their fourth month of gains.
U.S. President Donald Trump is slated to receive a briefing on Thursday on plans for a series of military strikes on Iran in hopes it will return to negotiations on its nuclear programme, according to an Axios report late on Wednesday.
The U.S. and Israel began air strikes on Iran on February 28 and it retaliated by closing off almost all shipping through the Strait of Hormuz, a chokepoint for energy supplies fromMiddle Eastern producers. Amid a ceasefire that has paused active combat, the U.S. has imposed a blockade on Iranian ports.
Talks to resolve the conflict, which has killed thousands and caused what analysts say is the world's biggest energy disruption ever, have deadlocked, with the U.S. insisting on discussing Iran's alleged nuclear weapons programme and Iran demanding some control over the strait and reparations for damage from the war.
"The oil market has moved from over-optimism to the reality of the supply disruption we are seeing in the Persian Gulf," said ING analysts in a note.
In a sign the conflict and resulting energy supply disruptions are set to continue for longer, Trump spoke on Wednesday with oil companies about how to mitigate the impact of a possiblemonths-long U.S. blockade, a White House official said.
"Prospects for any near-term resolution to the Iran conflict or a reopening of the Strait of Hormuz remain dim," IG market analyst Tony Sycamore said in a note.
The OPEC+ grouping of members ofthe Organization of the Petroleum Exporting Countries and its allies is likely to agree a small increase of around 188,000 barrels per day in oil output quotas on Sunday, sources told Reuters on Wednesday.
The meeting comes just after the United Arab Emirates' withdrawal from OPEC, effective May 1, which is expected to deal a blow to the oil producer group's ability to control prices. Although the Gulf nation's exit would allow it to raise production after exports restart, analysts say that is unlikely to affect market fundamentals this year, especially with the Hormuz closure and other production disruptions from the war.
"Gulf countries, including the UAE, will take months to return to pre-war production volumes," Wood Mackenzie analysts said in a note. (REUTERS) https://www.shafaq.com/en/Economy/Oil-jumps-on-US-military-option-against-Iran
Gold Rises Slightly, Eyes Second Monthly Decline
2026-04-30 Shafaq News Gold edged higher on Thursday on dip-buying, but was on track for a second straight monthly fall as elevated oil prices kept fears alive of inflation and higher-for-longer interest rates.
Spot gold was up 0.5% at $4,567.16 per ounce, as of 0549 GMT, after falling to its lowest point since March 31 in the last session. Bullion was down about 2.2% so far this month.
U.S. gold futures for June delivery rose 0.4% to $4,578.10.
"Gold has struggled again this month as oil strength has dominated the narrative. Rising crude pushes up inflation expectations and interest rate forecasts, which in turn caps gold's appeal," said Tim Waterer, chief market analyst at KCM Trade.
However, "a combination of bargain-hunting and expectations that a peaceful resolution to the (U.S.-Iran) conflict will be found at some point are providing something of a floor for gold," he said.
Brent crude rose above $124 a barrel on a report that the U.S. was considering potential military action against Iran to break the deadlock in negotiations to end the war, increasing concerns of more supply disruptions to already curtailed Middle East exports.
The Federal Reserve held interest rates steady on Wednesday, but in its most divided decision since 1992 noted rising concerns about inflation in a policy statement that drew three dissents from officials who no longer feel the U.S. central bank should communicate a bias towards lowering borrowing costs.
Traders are now pricing out Fed rate cuts entirely for this year, with markets now seeing a 30% chance of a hike by March 2027, sharply up from roughly 5% a day prior. FEDWATCH
While gold is traditionally seen as a hedge against inflation, high interest rates weigh on its appeal as a non-yielding asset.
Meanwhile, U.S. President Donald Trump discussed how to mitigate the impact of a possible months-long U.S. blockade of Iran's ports with oil companies.
Spot silver rose 1.1% to $72.26 per ounce, platinum gained 1.9% to $1,914.85, and palladium was steady at $1,458.75. All three metals were also on track for a second straight monthly fall. (REUTERS)
https://www.shafaq.com/en/Economy/Gold-rises-slightly-eyes-second-monthly-decline
Dollar Climbs In Baghdad And Erbil Markets
2026-04-30 Shafaq News- Baghdad/ Erbil The US dollar opened Thursday’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 153,900 dinars per 100 dollars, up from the previous session’s 153,750 dinars.
In the Iraqi capital, exchange shops sold the dollar at 154,500 dinars and bought it at 153,500 dinars, while in Erbil, selling prices stood at 153,700 dinars and buying prices at 153,550 dinars.
https://www.shafaq.com/en/Economy/Dollar-climbs-in-Baghdad-and-Erbil-markets
Gold Prices Rise In Baghdad And Erbil Markets
2026-04-30 Shafaq News- Baghdad/ Erbil On Thursday, gold prices hovered around 1 million IQD per mithqal in Baghdad and Erbil markets, continuing their upward trend, according to Shafaq News market survey.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 996,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 992,000 IQD. The same gold had sold for 986,000 IQD on Wednesday.
The selling price for 21-carat Iraqi gold stood at 966,000 IQD, with a buying price of 962,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 995,000 and 1,005,000 IQD, while Iraqi gold sold for between 965,000 and 975,000 IQD.
In Erbil, 24-carat gold was sold at 1,140,000 IQD per mithqal, 22-carat gold at 1,046,000 IQD, 21-carat gold at 998,000 IQD, and 18-carat gold at 855,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-and-Erbil-markets-4-1