Iraq Economic News and Points To Ponder Tuesday Evening 8-25-26
Exclusive To Kurdistan 24: US Pressure On Baghdad To Expedite The Removal Of Zeros From The Dinar To Curb Money Laundering
Erbil (Kurdistan24) - Informed sources told Kurdistan24 today that the United States is exerting increasing pressure on the Iraqi government to expedite the implementation of the "removal of zeros from the Iraqi dinar" project, with the aim of crippling the movement of funds smuggled abroad and recovering cash liquidity hoarded through illegal means.
According to exclusive information obtained by Kurdistan 24, the approval of this project will strip the old currency denominations of their legal tender value and stop their circulation as official currency, which will force the holders and smugglers of those funds to bring them in and deposit them exclusively through official banking channels inside Iraq to exchange them for the new denominations, which will ensure the reintegration of smuggled capitals into the national financial system.
A crucial tool for uncovering corruption and sources of funds
The sources explained that this step constitutes a trap and strict control over money laundering and corruption networks, as the exchange of large sums of cash in banks will be subject to thorough investigations into the "sources of funds" (Where did you get this from?), which directly contributes to exposing and holding accountable the figures who seized public money and stored it in cash or in bank accounts outside the borders of Iraq.
Axios: Washington Freezes Strikes Against Iran And Shifts To Economically Strangling It
Washington - One News - 8/25/2026 The administration of US President Donald Trump is moving to avoid launching new attacks on Iran at the moment, in contrast to escalating economic pressure and the embargo imposed on it, as part of a policy expected to continue beyond the US midterm elections.
Axios quoted a US official as saying that Secretary of State Marco Rubio told several of his counterparts that Washington would not currently initiate an attack on Iran, nor was planning to return to large-scale combat operations, but he did not rule out carrying out strikes if Tehran started the attack.
The official explained that Rubio outlined the Trump administration’s new policy during his calls, which is based on temporarily avoiding military action and intensifying economic pressure to push Iran back to the negotiating table, stressing that there are no negotiations between the two sides at the moment.
According to US officials, the blockade is depriving Iran of its oil revenues, as Washington has spotted almost no tankers near Kharg Island in the past two weeks.
A US official claimed that Iran had lost control of the Strait of Hormuz to the United States, and that mine-clearing operations carried out by the US Navy had reduced one of Iran's most prominent bargaining chips in the strait.
The American narrative contradicts Iranian statements confirming that the Strait of Hormuz remains closed and under Tehran’s complete control, and that its reopening is contingent upon Washington fulfilling its commitments outlined in the memorandum of understanding. https://1news-iq.net/أكسيوس-واشنطن-تجمّد-ضرب-إيران-وتنتقل-إ/
Oil Prices Rise As Iran Sanctions Take Focus
2026-08-25 Shafaq News Oil prices recovered ground on Tuesday after settling down more than 2% in the previous session, with investors assessing the impact of the latest U.S. sanctions against Iran.
Brent crude futures rose 27 cents, or 0.3%, to $92.44 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude was up 37 cents, or 0.4%, at $85.38.
Both contracts settled lower on Monday, with U.S. crude oil falling to a one-week low on profit taking after prices rallied over the previous two weeks.
"The market seems largely unfazed by Washington's push for tighter economic pressure on Iran, with traders treating the U.S. effort to nudge partners away from Iranian trade as marginal rather than market moving," said ING commodity strategists in a note on Tuesday.
U.S. Treasury Secretary Scott Bessent on Monday unveiled an expansion of sanctions to cut off Iran's economic lifeline, to force an end to the war between them, telling countries they would need to sever their business ties or risk being cut out of the dollar-based financial system.
However, he declined to identify the countries that would be targeted or reveal when those penalties would take effect, saying he would instead provide them time to comply with the new directive.
While U.S. Defense Secretary Pete Hegseth said on Monday the U.S. would not rule out using military force against Iran, the country is turning towards more economic coercion, which analysts said removed concerns about threats to Middle Eastern oil supply because of the war.
"Markets appear to be pricing economic pressure as a lower-risk path for physical supply than kinetic action, which is why the initial reaction was for oil to move lower rather than spike higher," said Tim Waterer, chief market analyst at KCM.
However, he warned, "Iran still retains the ability to respond by disrupting shipping, which continues to keep a residual premium in the oil price."
Highlighting those threats, an oil tanker was struck on Tuesday by an unidentified projectile and disabled about 9 nautical miles (16.7 km) northeast of Oman's Ash Shishah, the United Kingdom Maritime Trade Operations said.
Iran is still maintaining it should have control over the key Strait of Hormuz, which before the war started in February typically carried cargoes equal to about 20% of global oil use. On Monday, it named 45 tankers that had broken its rules on crossing the strait and threatened action against them, including confiscating their cargoes.
The supply disruptions as a result of the U.S.-Israeli war on Iran that started on February 28 have caused countries to draw down their commercial and strategic reserves.
On Monday, the Department of Energy reported stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3.7 million barrels to 289.7 million barrels last week, the lowest since November 1982. (REUTERS)
https://www.shafaq.com/en/Economy/Oil-prices-rise-as-Iran-sanctions-take-focus
Basrah Crude Prices Jump 4%+
2026-08-25 02:20 Shafaq News- Basrah Iraq’s Basrah crude prices rose on Tuesday, with Basrah Heavy gaining more than 4%, alongside a modest recovery in global oil benchmarks.
Basrah Heavy climbed $3.30, or 4.13%, to $83.19 per barrel, while Basrah Medium gained $3.30, or 3.97%, to $86.49.
Other regional grades also posted gains. Saudi Arabia Light rose to $92.14 per barrel, while Kuwait Export climbed to $93.71 and Qatar’s Al-Shaheen reached $92.54.
In global markets, Brent crude futures rose 0.3% to $92.44 per barrel, while US West Texas Intermediate (WTI) gained 0.4% to around $85.38, recovering some ground after both benchmarks fell more than 2% in the previous session.
https://www.shafaq.com/en/Economy/Basrah-crude-prices-jump-4
Dollar Edges Higher In Baghdad, Erbil
2026-08-25 Shafaq News- Baghdad/ Erbil The US dollar edged higher against the Iraqi dinar in Baghdad and Erbil on Tuesday, hovering around 154,000 dinars per $100.
In Baghdad, the dollar rose to 154,350 dinars per $100 at the al-Kifah and al-Harithiya central exchanges, up slightly from 154,300 dinars on Monday, according to a Shafaq News market survey.
At currency exchange shops in Baghdad, the dollar was selling for 154,750 dinars per $100 and buying for 153,750 dinars.
In Erbil, the dollar was selling for 154,550 dinars per $100 and buying for 154,450 dinars.
https://www.shafaq.com/en/Economy/Dollar-edges-higher-in-Baghdad-Erbil-6
Gold prices steady in Baghdad, fall in Erbil
2026-08-25 Shafaq News- Baghdad/ Erbil Gold prices were stable in Baghdad on Tuesday but fell in Erbil, the capital of the Kurdistan Region.
According to a Shafaq News survey, wholesale prices on Baghdad’s Al-Nahr Street were unchanged from Monday, with 21-carat Gulf, Turkish and European gold selling at 1.012 million dinars per mithqal (about five grams) and buying at 1.008 million dinars.
Iraqi 21-carat gold sold at 982,000 dinars per mithqal and was bought at 978,000 dinars.
At retail jewelry shops, Gulf 21-carat gold sold for between 1.015 million and 1.025 million dinars per mithqal, while Iraqi gold ranged from 985,000 to 995,000 dinars.
In Erbil, prices declined, with 22-carat gold selling at about 1.043 million dinars per mithqal, 21-carat at 996,000 dinars and 18-carat at 854,000 dinars. https://www.shafaq.com/en/Economy/Gold-prices-steady-in-Baghdad-fall-in-Erbil-0