Iraq Economic News and Points To Ponder Tuesday Morning 2-17-26

Oil Market Sentiment Hinges On Geneva Negotiation Progress

2026-02-17 Shafaq News   Brent oil prices drifted lower in Asian trade on Tuesday as investors assessed risks of supply disruption after Iran conducted naval drills near the Strait of Hormuz right ahead of nuclear talks with the U.S. later in the day.  Brent crude futures were down 0.47%, or 32 cents, at $68.33 a barrel by 0430 GMT, following a 1.33% gain on Monday.

U.S. West Texas Intermediate crude was at $63.51 a barrel, up 62 cents, or 0.99%, but the move included all of Monday's price action as the contract did not have settlement that day due to the U.S. Presidents Day holiday.

Many markets are closed on Tuesday for Lunar New Year holidays, including mainland China, Hong Kong, Taiwan, South Korea and Singapore.

U.S. President Donald Trump said on Monday that he would be involved "indirectly" in the talks in Geneva, adding he believes Tehran wants to make a deal. At the weekend, Trump said that regime change in Iran "would be the best thing that could happen."

"Market sentiment is closely tied to the tone and progress of these negotiations ... sustaining a geopolitical risk premium in prices," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

Oil prices are therefore likely to stay volatile, with sharp two-way swings driven by diplomatic signals rather than pure demand-supply fundamentals, Sachdeva added.

Iran began a military drill on Monday in the Strait of Hormuz, a vital international waterway and oil export route from Gulf Arab states, who have been appealing for diplomacy to end the dispute.

Iran along with fellow OPEC members Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq export most of their crude via the strait, mainly to Asia.

Meanwhile, Citi said if disruptions to Russian supply keep Brent in a $65 to $70 per barrel range in coming months, OPEC+ is likely to respond by increasing output from spare capacity.

OPEC+ is leaning towards a resumption in oil output increases from April, three OPEC+ sources said, as the group prepares for peak summer demand and with prices bolstered by U.S.-Iran tensions.

"It is our base case that both Iran and Russia-Ukraine deals happen by or during the summer of this year, contributing to a decline in prices to $60-62/bbl Brent," Citi said.

(Reuters)   https://www.shafaq.com/en/Economy/Oil-market-sentiment-hinges-on-Geneva-negotiation-progress

Basrah Crude Prices Rise As Global Oil Steadies

2026-02-17 Shafaq News- Basrah   Basrah crude prices recorded gains of around 0.3% on Tuesday, while global oil markets held firm.  Basrah Heavy crude rose by 31 cents, or 0.34%, to $62.74 per barrel, while Basra Medium crude increased by 21 cents, or 0.32%, to settle at $64.99 per barrel.

In international markets, Brent crude futures rose 32 cents, or 0.47%, to $68.33 a barrel. US West Texas Intermediate crude (WTI) climbed 62 cents, or 0.99%, to $63.51 a barrel.   https://www.shafaq.com/en/Economy/Basrah-crude-prices-rise-as-global-oil-steadies-4

Iraq Oil Exports To US Drop To 7M Barrels In January

2026-02-17 Shafaq News- Baghdad/ Washington   Iraq exported 7.037 million barrels of crude oil to the United States in January, down from 7.533 million barrels in December, according to the US Energy Information Administration (EIA).

EIA data showed that weekly shipments fluctuated, averaging 261,000 barrels per day in the first week, 83,000 bpd in the second, 325,000 bpd in the third, and 249,000 bpd in the fourth.

Iraq ranked fourth among crude suppliers to the US, behind Canada, Saudi Arabia, and Mexico. Among Arab exporters, Saudi Arabia led with 12.4 million barrels, followed by Iraq, while Libya shipped 1.54 million barrels.

The US remains a significant outlet for Iraqi crude, although Asia continues to receive the bulk of Iraq’s exports.

https://www.shafaq.com/en/Economy/Iraq-oil-exports-to-US-drop-to-7M-barrels-in-January

USD/IQD Exchange Rates Climb In Baghdad, Erbil

2026-02-17    Shafaq News- Baghdad/ Erbil  The US dollar rose against the Iraqi dinar in Tuesday trading in Baghdad and Erbil, climbing by 300 dinars compared with Monday’s rates.

A Shafaq News survey showed the dollar trading at 151,500 dinars per 100 dollars in Baghdad’s Al-Kifah and Al-Harithiya central exchanges, up from 151,200 dinars recorded a day earlier.

In local currency shops across the capital, the dollar sold for 152,000 dinars per 100 dollars and bought at 151,000 dinars.  In Erbil, the dollar also strengthened, selling at 151,400 dinars per 100 dollars and buying at 151,300 dinars.

https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-climb-in-Baghdad-Erbil-8

Gold Falls In Baghdad And Erbil Markets

2026-02-17 Shafaq News- Baghdad/ Erbil   On Tuesday, gold prices hovered around 1.05 million IQD per mithqal in Baghdad and Erbil markets, marking a decline from the previous session, according to a survey by Shafaq News Agency.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 1.048 million IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1.044 million IQD. Prices had closed at 1.064 million IQD on Monday.

The selling price for 21-carat Iraqi gold stood at 1.018 million IQD, while the buying price reached 1.014 million IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1.050 million and 1.060 million IQD, while Iraqi gold sold for between 1.020 million and 1.030 million IQD.

In Erbil, 22-carat gold was sold at 1.107 million IQD per mithqal, 21-carat gold at 1.057 million IQD, and 18-carat gold at 906,000 IQD.   https://www.shafaq.com/en/Economy/Gold-falls-in-Baghdad-and-Erbil-markets

Iraq Boosts US Treasury Holdings To $40.8B In Dec. 2025

2026-02-16 Shafaq News- Baghdad  Iraq increased its holdings of US Treasury securities by more than $1 billion in December 2025, pushing total investments to $40.8 billion, according to official US Treasury data.

The figures show Iraq’s holdings rose by $1.1 billion from November’s $39.7 billion, marking a 74% increase compared with January 2025, when Iraq held $23.4 billion in US Treasuries.

Regionally, Saudi Arabia remained the largest Arab holder with $148.8 billion, followed by the United Arab Emirates at $101 billion and Kuwait at $50.3 billion.

Globally, Japan ranked first with $1.202 trillion in holdings, followed by the United Kingdom at $888 billion, China at $682 billion, and Belgium at $481 billion.

Total foreign holdings of US Treasury securities reached $9.355 trillion in December 2025, up $736.1 billion from $8.619 trillion recorded in the same month of 2024. https://www.shafaq.com/en/Economy/Iraq-boosts-US-Treasury-holdings-to-40-8B-in-Dec-2025