Iraq Economic News And Points To Ponder Tuesday Afternoon 3-24-26
Oil Surges Past $103 Following Iranian Denial Of US Secret Negotiations
2026-03-24 Shafaq News Oil prices rose on Tuesday on supply fear, as Iran denied it had talks with the United States to end the war in the Gulf, contradicting U.S. President Donald Trump who said a deal could be reached soon.
Brent futures rose $4, or 4%, to $103.94 a barrel at 0400 GMT, while U.S. West Texas Intermediate (WTI) climbed $3.49, or 4%, to $91.62.
Crude futures dropped more than 10% on Monday, after Trump ordered a five-day delay to attacks on Iran's power plants, saying the U.S. had talks with unnamed Iranian officials that produced "major points of agreement".
"By shelving the plan to strike Iranian power plants for five days, the U.S. effectively sucked much of the 'war premium' from the oil price," said KCM Trade chief market analyst Tim Waterer.
"Today's moderate bounce is just the market finding its footing in the mud. Traders are aware that while the missiles are on hold, the Strait of Hormuz is still far from a clear waterway."
The war has all but halted shipments of about one-fifth of the world's oil and liquefied natural gas through the Strait of Hormuz. However, two tankers bound for India sailed through the strait on Monday.
Tehran rejected the claim of contact with Washington, dismissing it as an attempt to manipulate financial markets, while Iran's Revolutionary Guards said they had attacked U.S. targets and denounced Trump's comments as "worn-out psychological operations".
"Even with a possible decrease in tensions after (Monday's) announcement from President Trump, we expect a price floor of $85–$90 and a natural drift back to the $110 range until the Strait of Hormuz is restored," Macquarie said in a client note.
If the strait remains effectively shut until the end of April, Brent could still reach $150 a barrel, Macquarie said.
In the latest attacks on energy infrastructure across the region, a gas company office and a pressure-reduction station were hit in the Iranian city of Isfahan, while a projectile struck a gas pipeline feeding a power station in Khorramshahr, Iran's Fars news agency reported.
To ease supply shortage, the U.S. temporarily waived sanctions on Russian and Iranian oil already at sea. Industry sources said traders have since offered Iranian crude to Indian refiners at a premium to ICE Brent.
The International Energy Agency Executive Director Fatih Birol on Monday said the agency is consulting Asian and European governments on possible further releases of strategic reserves "if necessary".
Still, markets are bracing for market disruption at least until April, which continue to be a tailwind beneath Brent while maintaining momentum for inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.
Oil executives and energy ministers at a conference in Houston flagged the longer-term impact of the U.S.–Israel war with Iran on the global economy. U.S. Energy Secretary Chris Wright downplayed the crisis.
Japan Unlocks Strategic Oil Reserves To Stabilize Domestic Supply
2026-03-24 Shafaq News- Tokyo Japan is tapping its strategic oil reserves to stabilize fuel supplies amid rising global prices, Prime Minister Sanae Takaichi confirmed on Tuesday.
In a post on X, Takaichi explained the move ensures the country has sufficient petroleum products to meet nationwide demand. Last week, Tokyo began drawing oil equivalent to about 15 days of private-sector reserves.
Japan depends on the Middle East for roughly 95% of its oil imports, leaving the nation highly exposed to supply disruptions. Its strategic reserves, among the largest globally, exceeded 400 million barrels as of December.
International Energy Agency (IEA) member countries agreed on March 11 to release a record 400 million barrels of oil from strategic reserves to offset the surge in global crude prices following the closure of the Strait of Hormuz.
On Saturday, US President Donald Trump threatened broad strikes on Iranian energy sites within 48 hours if Tehran does not fully reopen the Strait. The ultimatum was later postponed by five days, citing advanced talks with Iran. Tehran, however, rejected Trump’s claims of negotiations, warning it could fully close the maritime gateway and target regional energy infrastructure if its power facilities are attacked.https://www.shafaq.com/en/Economy/Japan-unlocks-strategic-oil-reserves-to-stabilize-domestic-supply
Iran Halts Gas Exports To Turkiye
2026-03-24 Shafaq News- Ankara Iran has stopped natural gas exports to Turkiye following an Israeli strike on the giant South Pars gas field last week, Bloomberg reported on Tuesday, citing sources described as familiar with the matter.
On March 18, Israel struck South Pars in Iran, the world’s largest natural gas field. Tehran retaliated with attacks on energy assets linked to US companies in the Ras Laffan complex in Qatar, which produces about a fifth of global liquefied natural gas.
Ankara is still importing gas from Russia and Azerbaijan, its main suppliers, and can use gas held in storage, the sources said, while the Turkish Energy Ministry declined to comment. It’s unclear how long the halt in Iranian supplies will last or if it will force Turkiye to seek additional sources of liquefied natural gas. European benchmark gas futures pared losses following the news.
According to the latest annual data from the energy regulator in Ankara, Turkiye sourced about 13% of its total natural gas imports, about 7 billion cubic meters, from Iran in 2024.https://www.shafaq.com/en/Economy/Iran-halts-gas-exports-to-Turkiye
Dollar Trades Near 154,000 As Iraq Markets Reopen
2026-03-24 Shafaq News- Baghdad/ Erbil The US dollar opened Tuesday’s trading mixed in Iraq, hovering around 154,000 dinars per 100 dollars, as markets resumed following the Eid Al-Fitr holiday.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,500 dinars per 100 dollars, up from 150,000 dinars recorded before the holiday closure.
In the Iraqi capital, exchange shops sold the dollar at 155,000 dinars and bought it at 154,000 dinars, while in Erbil, selling prices stood at 154,300 dinars and buying prices at 154,200 dinars.https://www.shafaq.com/en/Economy/Dollar-trades-near-154-000-as-Iraq-markets-reopen
Gold Prices Fall In Baghdad And Erbil Markets
2026-03-24 Shafaq News- Baghdad/ Erbil On Tuesday, gold prices hovered around at 960,000 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 at 962,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of at 958,000 IQD.
The selling price for 21-carat Iraqi gold stood at 932,000 IQD, with a buying price of 928,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 965,000 and 975,000 IQD, while Iraqi gold sold for between 935,000 and 945,000 IQD.
In Erbil, 22-carat gold was sold at 1,023,000 IQD per mithqal, 21-carat gold at 977,000 IQD, and 18-carat gold at 834,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-and-Erbil-markets-7-1
Iraq’s Food Imports From US Exceed $140 Million In 2025
2026-03-24 Shafaq News- Baghdad Iraq’s imports of American food and agricultural products showed a significant increase, surpassing $140 million in 2025, according to official data from the US Department of Agriculture, released on Tuesday.
Soybeans dominated the imports, with Iraq receiving 279,231 metric tons valued at $125.09 million. This represents a sharp rise compared with the ten-year average of $24.82M. Other US food products, including spices and sauces, were imported in quantities totaling 6,566 tons, valued at $16.27M.
The US Department of Agriculture noted that the continued flow of these products into Iraqi markets highlights the expanding trade relationship between Baghdad and Washington, strengthening mutual reliance in securing essential food supplies. https://www.shafaq.com/en/Economy/Iraq-s-food-imports-from-US-exceed-140-million-in-2025
Al-Hilali: Iraq Cannot Guarantee America's Support In Negotiations With Iran... And These Are The Repercussions Of The Occupation Of Al-Kharj.
Time: 2026/03/24 {Politics: Al-Furat News} Political analyst Ayed Al-Hilali confirmed that Iraq cannot guarantee the United States in the negotiations with Iran, noting that the repercussions of the escalation, especially regarding Kharg Island, may lead to dangerous shifts in the course of the conflict in the region.
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Al-Hilali said, during his appearance on the “Free Talk” program on Al-Furat satellite channel, that: “The Iranian side announced that it is not interested in negotiating with the United States, considering that it did not start the war, and therefore the course of the battle is not determined by its will alone,” noting that there is “a clear deficit in the oil file at the level of the region.”
He added that “the statements made by US President Donald Trump do not concern the Iranian side, and that the five-day deadline falls under strategic deception,” explaining that “the Greater Middle East project does not exclude any country, but it will not be achieved because of the inability of the Zionist entity to impose hegemony.”
Al-Hilali explained that "the pressure on China regarding the oil file is intended to pass American and Israeli agendas," noting that "part of this project was thwarted through the Popular Mobilization Forces, while Iran is working to thwart the other part through war."
He added that "there is a major division within the American establishment, and that Trump is now listening to Israel in his decisions," stressing that "targeting a primary school in Iran has deprived him of the legitimacy and morality of the war, which has put him in a restricted position."
Al-Hilali explained that “any landing operation on Kharg Island may necessitate direct Chinese intervention due to its connection to energy lines, and may lead to significant losses exceeding what happened in Vietnam,” noting that “Iraq cannot guarantee the United States in negotiations, but it is capable of playing an important role in reducing escalation in the region.”
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