Iraq Economic News and Points To Ponder Thursday Morning 8-6-26

Trade Grows At Iraq's Trebil And Al-Waleed Crossings

2026-08-05 Shafaq News- Al-Anbar  Commercial traffic through two of Iraq's western border crossings has increased, driven by improved security along the trade routes, the commissioner of Al-Rutba district in western Al-Anbar province said Tuesday.

Imad Al-Rishawi told Shafaq News that about 1,000 tankers depart daily through the Trebil crossing with Jordan and the Al-Waleed crossing with Syria, with a similar number of empty tankers entering.

Al-Rishawi, commissioner of Al-Rutba, a district in the western Al-Anbar province bordering both Jordan and Syria, said the movement reflects growing commercial transport between Iraq and neighboring states. He attributed the increase to security stability that has eased the flow of cross-border exchange. The two crossings still require infrastructure rehabilitation to match current traffic volumes.

Separately, a source told Shafaq News that about 1,000 Iraqi trucks are stranded in the Aqaba area of Jordan because storage tanks there are full. About 1,800 tanker drivers have waited 18 days to unload cargoes of crude oil.

https://www.shafaq.com/en/Economy/Trade-grows-at-Iraq-s-Trebil-and-Al-Waleed-crossings

Oil Prices Drop On Iran-Oman Shipping Talks Progress

2026-08-06 Shafaq News   Oil prices trended lower on Thursday on the progress in Iran-Oman talks, with investors cautiously waiting for signs of a U.S.-Iran peace deal and progress on reopening the Strait of Hormuz.

Brent crude futures fell 33 cents, or 0.42%, to $79.12 a barrel by 0418 GMT. U.S. West Texas Intermediate futures declined 42 cents, or 0.56%, to $74.80 a barrel. Brent settled up slightly on Wednesday, while WTI edged lower.

Iran and Oman have reached an understanding on the geographic coordinates for a shipping route through the Strait of Hormuz, and a joint announcement is being finalised, provided certain third parties did not interfere, Iran's Foreign Ministry ⁠spokesperson Esmaeil Baghaei said on Wednesday.

"Some selling pressure emerged following reports that talks between Iran and Oman are making progress," said Yuki Takashima, economist at Nomura Securities.

Prices have returned to the levels seen when the United States and Iran signed an interim peace agreement on June 17, with investors closely watching whether the two sides can reach a final deal, he added.

A proposed deal between Iran and Oman to help end the U.S.-Iran conflict would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters on Wednesday, one of the biggest concessions yet to Iran.

There was no immediate U.S. comment on the proposal. While President Donald Trump has said a deal reopening the strait is imminent, U.S. officials have repeatedly insisted they ⁠would never agree to Iran controlling access to one of the world's most important trade route for energy supplies.

Iran has warned Gulf states that any new U.S. attack on its territory would trigger retaliation against critical energy infrastructure across the region, according to five sources, as Tehran seeks to raise the cost of military action by threatening Washington's closest regional allies.

"The real hinge point now becomes the trajectory of U.S.–Iran discussions, because meaningful progress ⁠there is essential before disrupted energy flows can realistically resume," ING analysts said in a note on Thursday.

Gulf countries' crude oil and condensate exports were largely steady in July and remained about 40% below pre-war levels, shipping data showed.

Meanwhile, Yemen's Iran-aligned Houthis said on Wednesday they had launched a missile attack on ⁠a Saudi oil tanker off the coast of the kingdom's Red Sea port city of Yanbu and another missile attack on a Saudi oil tanker in the Gulf of Aden. There was no confirmation from Saudi Arabia on either incident.

Takashima said concerns that ⁠Houthi attacks could hit Red Sea shipping were limiting optimism about the outlook for an end to shipping disruptions in the Middle East.  (REUTERS)

https://www.shafaq.com/en/Economy/Oil-prices-drop-on-Iran-Oman-shipping-talks-progress

Basrah Crudes Retreat Alongside Global Decline

2026-08-06 Shafaq News- Basrah   Iraq’s Basrah crude prices fell by less than 2% on Thursday, tracking a broader decline in major global oil benchmarks.

Basrah Heavy crude dropped to $52.42 per barrel, down 1.71%, while Basrah Medium crude slipped to $54.72 per barrel, a decline of 91 cents, or 1.64%.

Brent crude edged lower to $79.12 per barrel, losing 33 cents, or 0.42%. US West Texas Intermediate (WTI) crude also declined, falling 42 cents, or 0.56%, to $74.80 per barrel.

https://www.shafaq.com/en/Economy/Basrah-crudes-retreat-alongside-global-decline

USD/IQD Climbs In Baghdad, Erbil Trading

2026-08-06 Shafaq News- Baghdad/ Erbil   The US dollar opened Thursday’s trading higher in Iraq, hovering around 152,000 dinars per 100 dollars.

According to Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 152,050 dinars per 100 dollars, up from the previous session’s 151,900 dinars.

In the Iraqi capital, exchange shops sold the dollar at 152,500 dinars and bought it at 151,500 dinars, while in Erbil, selling prices stood at 152,250 dinars and buying prices at 152,150 dinars.

https://www.shafaq.com/en/Economy/USD-IQD-climbs-higher-in-Baghdad-Erbil-trading

Gold Rallies In Baghdad And Erbil Markets

2026-08-06 Shafaq News- Baghdad/ Erbil    On Thursday, gold prices hovered around 900,000 IQD per mithqal in Baghdad and Erbil markets, according to a survey by Shafaq News Agency.

Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 920,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 916,000 IQD. The same gold had sold for 897,000 IQD on Wednesday.

The selling price for 21-carat Iraqi gold stood at 890,000 IQD, while the buying price reached 886,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 920,000 and 930,000 IQD, while Iraqi gold sold for between 890,000 and 900,000 IQD.

In Erbil, 22-carat gold was sold at 956,000 IQD per mithqal, 21-carat gold at 914,000 IQD, and 18-carat gold at 783,000 IQD.

https://www.shafaq.com/en/Economy/Gold-rallies-in-Baghdad-and-Erbil-markets

CBI June Dollar Sales Rise 15%

2026-08-06 Shafaq News- Baghdad   The Central Bank of Iraq's (CBI) foreign currency sales rose 15% to $5.857 billion in June from $5.092 billion in May, driven by higher funding of Iraqi banks' overseas accounts, according to official data.

The increase was largely attributed to funding provided to Iraqi banks' accounts abroad outside CBI's former foreign currency sales window, which climbed to $5.538 billion in June from $4.941 billion in May, up 12.1%.

Cash dollar sales more than doubled during the month, rising to $319 million from $151 million in May.

Transfers to banks' overseas accounts remained the central bank's primary channel for supplying US dollars to the domestic market. No sales were recorded through bank transfers, letters of credit, or international settlement operations during June.

In the first six months of 2026, CBI's total foreign currency sales reached $25.91 billion, including $24.74 billion allocated to funding banks' overseas accounts and $1.17 billion in cash sales.  

https://www.shafaq.com/en/Economy/CBI-June-dollar-sales-rise-15