Iraq Economic News and Points To Ponder Tuesday Morning 3-10-26
USD/IQD Exchange Rates Slip In Baghdad And Erbil
2026-03-10 Shafaq News- Baghdad/ Erbil The US dollar opened Tuesday’s trading lower in Iraq, hovering around 155,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 155,500 dinars per 100 dollars, down from the previous session’s 155,750 dinars.
In the Iraqi capital, exchange shops sold the dollar at 156,000 dinars and bought it at 155,000 dinars, while in Erbil, selling prices stood at 154,600 dinars and buying prices at 155,500 dinars.
https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-slip-in-Baghdad-and-Erbil-6
Gold Prices Climb In Baghdad, Erbil
2026-03-10 Shafaq News- Baghdad/ Erbil On Tuesday, gold prices hovered around 1.13 million 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 1.130 million IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1.126 million IQD. The same gold had sold for 1.110 million IQD on Monday.
The selling price for 21-carat Iraqi gold stood at 1.100 million IQD, while the buying price reached 1.096 million IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1.130 million and 1.140 million IQD, while Iraqi gold sold for between 1.100 million and 1.110 million IQD.
In Erbil, 22-carat gold was sold at 1.175 million IQD per mithqal, 21-carat gold at 1.121 million IQD, and 18-carat gold at 961,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-climb-in-Baghdad-Erbil-2-2
Basrah Crude Tops $100 Mark In Rare Price Spike
2026-03-10 Shafaq News- Basrah Iraq’s Basrah crude climbed on Tuesday, hovering near $100 a barrel, amid a decline in global oil markets.
Basrah Heavy crude rose 21.29% to $100.21 per barrel, while Basrah Medium crude gained 20.80%, reaching $102.16 per barrel.
Brent crude futures fell $4.17, or 4.2%, to $94.79 a barrel. US West Texas Intermediate (WTI) crude was down $3.81, or 4%, to $90.96 a barrel. https://www.shafaq.com/en/Economy/Basrah-crude-tops-100-mark-in-rare-price-spike
Iraq–Iran Trade Continues At Shalamcheh Crossing Despite Explosions Across Border
2026-03-10 Shafaq News- Basra Commercial traffic at the Shalamcheh border crossing in southern Iraq is continuing despite more than 20 explosions reported on the Iranian side of the border, a source at the crossing told Shafaq News.
Video footage captured by Shafaq News shows trucks and travelers continuing to move through the crossing, while flames can be seen rising from the Iranian side near the Iraqi border. Residents in Basra reported hearing a series of powerful explosions coming from across the border.
The crossing, located in Basra province in Iraq’s southern frontier with Iran, is one of the main trade gateways between the two countries, including for food supplies.
Head of Iraq’s Border Ports Authority, Lieutenant General Omar Al-Waeli, confirmed on Sunday that goods continue to enter Iraq around the clock without interruption, noting that border crossings have not been affected by the ongoing regional developments. The Ministry of Trade said the country’s food supply remains stable and under control, stressing that there are no signs of shortages in local markets following the recent US-Israeli strikes on Iran.
Iraq Avoids Force Majeure On Oil Exports Despite Production Collapse
2026-03-10 Shafaq News- Baghdad Iraq has refused to declare force majeure on its oil export contracts despite a sharp drop in production during the US-Israeli war on Iran, seeking to avoid signaling that it has entered the conflict, economist Ahmed Saddam told Shafaq News on Monday.
Saddam explained that the government’s decision aims to protect long-term oil contracts, preserve Iraq’s reputation in global markets, and avoid any indication that Baghdad is a party to the war. “Declaring force majeure could be interpreted as Iraq entering the conflict, which the government does not want."
Force majeure clauses allow suppliers to suspend deliveries without penalties when extraordinary circumstances make exports impossible. Iraq’s oil production has fallen from about 4.3 million barrels per day before the war to roughly 1.3 million, according to the Iraqi Oil Ministry, after tanker traffic through the Strait of Hormuz collapsed following the escalation. https://www.shafaq.com/en/Economy/Iraq-avoids-force-majeure-on-oil-exports-despite-production-collapse
Oil Prices Retreat Following Trump’s De-Escalation Comments
2026-03-10 Shafaq News Oil prices fell on Tuesday after hitting an over three-year high in the prior session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.
Brent futures fell $4.17, or 4.2%, to $94.79 a barrel at 0345 GMT, while U.S. West Texas Intermediate (WTI) crude was down $3.81, or 4%, to $90.96 a barrel. Both the contracts fell as much as 11% earlier before paring some losses.
Oil surged past $100 a barrel on Monday to hit their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-Israeli war with Iran stoked fears of major disruptions to global supplies.
Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a prolonged supply disruption.
Trump said on Monday in a CBS News interview that he thinks the war against Iran "is very complete" and that Washington was "very far ahead" of his initial four- to five-week estimated timeframe.
"Clearly Trump's comments about a short-lived war has calmed markets. While there was an overreaction to the upside yesterday, we think there is an overreaction to the downside today," said Suvro Sarkar, energy sector team lead at DBS Bank, adding that the market is underappreciating risks at these levels for Brent.
"Murban and Dubai grades are still well above $100 per barrel, so practically nothing much has changed in terms of ground realities," he added, referring to benchmark Middle Eastern oil grades.
In response to Trump, Iran's Islamic Revolutionary Guards Corps (IRGC) said they would "determine the end of the war," and Tehran would not allow "one litre of oil" to be exported from the region if U.S. and Israeli attacks continued, state media reported on Tuesday, citing the IRGC's spokesperson.
Prices, however, remain under pressure as Trump considers easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices, according to multiple sources.
"Discussions around easing sanctions on Russian oil, comments from Donald Trump hinting that the conflict could eventually de-escalate, and the possibility of G7 countries tapping strategic oil reserves all pointed to the same message - that oil barrels will somehow continue to reach the market," said Phillip Nova analyst Priyanka Sachdeva in a note on Tuesday.
"Once traders sensed that supply routes could still be maintained, the initial 'panic premium' that had pushed prices above the $100 mark yesterday started to fade, and oil prices quickly pulled back."
(Reuters) https://www.shafaq.com/en/Economy/Oil-prices-retreat-following-Trump-s-de-escalation-comments
Reopening Of Most Border Crossings Between The Kurdistan Region And Iran
Money and Business Economy News – Baghdad The Kurdistan Region's Exporters and Importers Union announced on Tuesday the reopening of most border crossings with Iran, days after they were closed due to recent tensions between Iran, the United States, and Israel.
The union stated in a statement, which was reviewed by “Al-Eqtisad News”, that “the border crossings that were previously closed to trade with the region have been reopened again, with the exception of the Bashmakh crossing, which remained open and was not closed.”
The union explained in its statement that "the Shushmi-Tawila crossing was reopened on the eighth of this month, while the Siranband crossing was reopened on the evening of the ninth of the same month."
He added that "the Bashmakh border crossing is currently witnessing the entry of about 500 trucks daily loaded with transit goods and Iranian goods," noting that "the volume of imports coming from Iran is witnessing a gradual increase."
He explained that "most of the Iranian goods entering the region consist of foodstuffs, such as vegetables, fruits, dairy products and beverages of all kinds, as well as soft drinks, juices, chocolate and biscuits, in addition to other goods that were entering the region before the outbreak of the recent tensions."
According to the statement, other border crossings that are still closed are expected to reopen in the coming days.
https://www.economy-news.net/content.php?id=66582
The Civil Aviation Authority Announces The Extension Of The Closure Of Iraqi Airspace For (72) Hours
Money and Business Economy News – Baghdad The Civil Aviation Authority announced on Tuesday that it has extended the suspension of air traffic in the country's airspace for another 72 hours "as a temporary precautionary measure" due to the continued escalation of security tensions in the region.
The authority said in a statement received by “Al-Eqtisad News”, that “the closure of Iraqi airspace to all incoming, departing and transiting aircraft has been extended for (72) hours starting from 12:00 noon on Tuesday, March 10, 2026 (09:00 UTC) until 12:00 noon on Friday, as a temporary precautionary measure.”
She added that the decision comes "based on the ongoing assessment of the security situation and developments in the regional situation."
She noted that "the decision will be reassessed in light of new developments, with airlines and relevant parties being notified of any updates later."
On March 4, the Civil Aviation Authority extended the suspension of air traffic in the country's airspace for another 72 hours due to continued security tensions in the region. https://www.economy-news.net/content.php?id=66580