Iraq Economic News and Points To Ponder Tuesday Afternoon 6-23-26
The Japanese And US Finance Ministers Hint At "Bold Steps" To Support The Currency.
Money and Business Economy News - Follow-up Currency markets are watching for the possibility of intervention by Japanese authorities to support the yen, following a phone call between the Japanese finance minister and US Treasury Secretary Scott Bisent, in which Tokyo confirmed that both sides are prepared to take "bold steps" if needed in the foreign exchange markets. Japan had spent a record $72.6 billion during previous currency market interventions between April and May, but its impact on the yen remained limited as the dollar continued to strengthen and US yields rose.
The yen is under increasing pressure as a result of the widening interest rate gap between Japan and the United States, in addition to rising energy prices due to the repercussions of the war in the Middle East, which increases the burdens on the energy-importing Japanese economy.
The yen was last trading at 161.59 against the dollar after briefly falling to a two-year low of 161.93 late Monday, as the dollar continued its broad-based gains. A break below 161.96 would push the yen to its weakest level since 1986.
https://www.economy-news.net/content.php?id=70595
The Minister Of Finance Discusses With The Iranian Ambassador The Activation Of The Joint Economic Committee
Money and Business Economy News – Baghdad Finance Minister Faleh Sari received Iranian Ambassador to Iraq Mohammad Kazem Al-Sadegh on Tuesday to discuss ways to develop bilateral relations and expand economic cooperation between the two countries.
During the meeting, "mechanisms for activating the work of the joint Iraqi-Iranian economic committee and increasing the volume of trade exchange" were discussed.
The minister stressed "the importance of developing economic relations based on mutual interests, in a way that contributes to supporting the economic activity of both countries."
For his part, the Iranian ambassador reiterated his country's keenness to expand areas of cooperation with Iraq and enhance coordination between the relevant parties, in a way that serves the common interests of the two neighboring peoples.
https://www.economy-news.net/content.php?id=70605
Iranians Are Anticipating An Economic Breakthrough As Negotiations Between Tehran And Washington Continue.
Arabic and international Iranians are anticipating an improvement in their country's economic situation amid ongoing negotiations between Tehran and Washington, with hopes that these talks will pave the way for lifting sanctions imposed on Iran for years.
These aspirations come at a time when the Iranian economy is under considerable pressure as a result of Western restrictions related to the nuclear program, while Tehran consistently maintains that its program is peaceful in nature.
A number of young Iranians believe that the negotiations could open the door to the return of foreign investment and an improved labor market, while other citizens hope for price stability and a strengthening of the local currency.
Economic experts emphasize that any tangible improvement will depend on the extent to which the agreements are implemented and restrictions are actually lifted, noting that their impact on citizens' lives may take several months.
Interest Rate Pressures Hit Gold And Silver, Causing Prices To Fall Globally
Stock Exchange Gold prices declined during trading on Tuesday, amid a strong dollar and expectations that the US Federal Reserve will raise interest rates this year.
Gold and silver prices fell sharply on Tuesday, hit by a global sell-off in technology stocks as fears of rising interest rates intensified.
Gold futures fell 1.5% to $4,142 an ounce, while silver futures plunged more than 5% to $61.80 before paring losses and settling near $62.25. https://www.economy-news.net/content.php?id=70626
Oil Prices Slump Under Rising Hormuz Shipping
2026-06-23 Shafaq News Oil prices inched down on Tuesday, extending losses from the previous session, as investors looked for clearer signs of progress in restoring crude flows through the Strait of Hormuz following U.S.-Iran peace talks.
Brent crude futures fell 20 cents, or 0.3%, to $77.70 a barrel and U.S. West Texas Intermediate declined to $73.74 a barrel, down 12 cents, or 0.2%, as of 0323 GMT.
Prices fell more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following initial peace talks, and as officials reported a lull in hostilities in Lebanon under the broader agreement.
"The gradual increase in oil flows through the Strait of Hormuz continues to weigh on the market," said ING analysts in a note.
Two crude tankers with just under 2 million barrels of oil sailed through the Strait of Hormuz on Monday, ship-tracking data showed, in a sign that traffic was picking up following weaker flows on Sunday due to concerns over passage through the waterway.
"Transits over recent days look to have risen sharply, (which) the market will treat as a proxy for both physical oil, perhaps paper oil, and diplomatic progress," said Sparta Commodities' head of research Neil Crosby in a note. "It feels like we will be stuck in this bearish risk-off/optimistic mood until such time as something changes."
The price declines come after a weekend that had appeared to put the week-old accord in jeopardy, including threats from U.S. President Donald Trump to restart the war if Iran disrupted shipping through the Strait of Hormuz after Tehran declared the strategic waterway closed.
"There remains a prevailing dose of market scepticism, rooted in deep-seated mistrust between Washington and Tehran, suggesting that any return to pre-war oil prices is likely to be delayed rather than immediate," said Tim Waterer, chief market analyst at KCM Trade.
Separately, analysts in a Reuters poll expect U.S. crude inventories to have fallen last week, along with distillate and gasoline inventories.
On Monday, government data showed U.S. crude stocks in the Strategic Petroleum Reserve fell to 331.2 million barrels last week, the lowest since June 1983, as supplies tightened in the wake of the U.S.-Iran conflict.
(REUTERS) https://www.shafaq.com/en/Economy/Oil-prices-slump-under-rising-Hormuz-shipping
Basrah Crudes Fall Amid Global Losses
2026-06-23 Shafaq News- Basrah Iraq’s Basrah crude plunged more than 5% on Tuesday as major global benchmarks moved lower.
Basrah Heavy crude fell to $47.73 per barrel, losing $2.75, or 5.45%, while Basrah Medium crude slipped to $49.83 per barrel, down $5.23.
Brent crude edged down to $77.70 per barrel, shedding 20 cents, or 0.3%, and US West Texas Intermediate crude retreated to $73.74 per barrel, down 12 cents, or 0.2%.
Regionally, Murban crude from the United Arab Emirates lost ground to $70.79 per barrel, down 3.86%, while Saudi Arab Light weakened to $80.72 per barrel, down 3.58%.
In contrast, the OPEC basket gained to $83.16 per barrel, up 0.78%, and Russia’s Urals crude advanced to $66.58 per barrel, up 8.81%. https://www.shafaq.com/en/Economy/Basrah-crudes-fall-amid-global-losses-1
South Korea's Iraqi Crude Imports Fall 42% In April
2026-06-23 Shafaq News- Baghdad South Korea's imports of Iraqi crude oil fell 42.4 percent year-on-year in April 2026 to approximately 800,000 metric tons or 5.84 million barrels, according to data from the Korea International Trade Association (KITA), the country's primary trade statistics body.
South Korean crude imports from seven Middle Eastern suppliers —including Saudi Arabia, the UAE, Iraq, Kuwait, Qatar, Oman, and Bahrain— fell sharply, with the region's share of total South Korean crude imports dropping to 53.1 percent in April, down from roughly 70 percent in the months before the regional conflict, which disrupted the shipping through the Strait of Hormuz.
Total South Korean crude imports for April reached 8.46 million metric tons, a 22.8 percent decline compared to the same month in 2025, according to KITA data.
Saudi Arabia, historically Seoul's largest crude supplier, saw export volumes to South Korea fall 37.6 percent to 2.146 million metric tons. Kuwait's deliveries collapsed by 98.2 percent to approximately 10,000 metric tons, while Qatar halted shipments entirely.
UAE crude exports to South Korea rose 81.6 percent to 1.4 million metric tons, while US shipments increased 13.4 percent to approximately 2.145 million metric tons.
South Korea's Ministry of Trade, Industry, and Resources has stated that the country maintains strategic petroleum reserves equivalent to approximately 208 days of crude demand, exceeding mandatory stockpiling requirements.
Seoul has moved to reduce its dependence on Middle Eastern crude, securing alternative supplies from Algeria, Brazil, Ecuador, Gabon, Kazakhstan, the Republic of the Congo, and the United States, cutting its Middle East reliance from 69 percent to 56 percent, according to the presidential office.
https://www.shafaq.com/en/Economy/South-Korea-s-Iraqi-crude-imports-fall-42-in-April