Iraqi oil exports have fallen by 70% due to the war and the closure of the Strait of Hormuz.

Iraqi oil exports saw a significant decline during the past week, amid escalating regional tensions, the ongoing US-Iranian war, and the near-total closure of the Strait of Hormuz, which has broadly affected oil flows from the Middle East region.

According to data from Kpler, Iraq’s average exports of crude oil, condensates and refined fuels averaged around 0.78 million barrels per day, a decrease of nearly 70% compared to February, as a result of the halt of most maritime shipments and difficulties in transporting goods through ports.

The company’s data showed that oil exports from eight major Middle Eastern countries (Saudi Arabia, Kuwait, Iran, Iraq, Oman, Qatar, Bahrain, and the United Arab Emirates) fell significantly, with average exports to these countries reaching 9.71 million barrels per day, a decrease of 61% compared to 25.13 million barrels per day in February.

Iraq recorded a decrease of about 70%, the UAE more than 50%, and Saudi Arabia 20%, while exports from Iran, Oman, Kuwait, Qatar and Bahrain declined at varying, lower rates, with some limited flows continuing through the Red Sea and other ports.

The actual closure of the Strait of Hormuz would cause a major disruption to global supplies, as this sea lane is used to transport about one-fifth of the world’s oil.

Floating crude oil stocks in the region have risen to more than 50 million barrels, compared to about 10 million barrels before the outbreak of the war.

It is estimated that oil flows are currently limited through the Saudi Red Sea and the ports of Oman, the UAE and Iran, while analysts expect the impact of regional tension on global oil prices to continue in the coming period, with the possibility of some types of fuel reaching record levels.

Shafaq.com

Between bonds and gold: An economic roadmap to protect Iraq’s funds from the shocks of regional conflict

Economic expert Mohammed Al-Hassani said on Tuesday that Iraq needs to reconsider the management of its foreign reserves, especially between US bonds and gold, in light of global economic fluctuations.

Al-Hassani told Shafaq News Agency that “US bonds remain an important liquidity tool and generate a steady return, but they are highly dependent on the decisions of the Federal Reserve and interest rates, which exposes the country’s holdings to the risk of devaluation if interest rates are raised.”

He added that “gold is a safe haven in times of crisis and inflation, and it preserves purchasing power, but it does not generate an annual return like bonds and does not solve the problem of daily liquidity for government spending or paying salaries.”

Al-Hassani pointed out that “the best strategy for Iraq lies in balancing the two, that is, keeping part of the reserves in US bonds to obtain liquidity and returns, and allocating part in gold to protect the reserves from economic or political risks.”

He stressed that this “step could help Iraq reduce its dependence on the dollar and protect its economy from any sudden fluctuations in global markets, while maintaining sufficient financial flexibility to support national projects and government spending.”

The war that broke out on February 28, 2026, between the United States and Israel on one side, and Iran on the other, caused an almost complete paralysis of traffic in the Strait of Hormuz, the passage through which about 4.5% of total annual global trade passes, leading to a decline in navigation to very low levels.

As a result of the disruption to shipping through the Strait of Hormuz, Iraqi oil production has declined sharply from 4.3 million barrels per day to 1.3 million barrels per day.

This decline has led to Iraqi exports falling to less than 800,000 barrels per day, and a loss of $128 million per day after oil production stopped, according to the “Eco Iraq” observatory.

Shafaq.com

Katz: We killed Larijani and Soleimani

Israeli Defense Minister Yisrael Katz announced on Tuesday the assassination of Iranian Supreme National Security Council Secretary Ali Larijani and Basij commander Gholam Reza Soleimani in airstrikes on the Iranian capital Tehran last night.

Katz said, in a conference monitored by Shafaq News Agency, that he and Israeli Prime Minister Benjamin Netanyahu had issued directives to the Israeli army to continue pursuing the leaders of the Iranian regime, as he put it.

He added that “Israel is setting Iran back decades,” as he put it.

Earlier, the Israeli Broadcasting Corporation reported that Ali Larijani was among the targets of the Israeli strikes inside Iran last night.

An Israeli official was quoted as saying that Larijani was among the targets of the attacks, noting that his fate remains unknown.

Israeli media reports added that the strikes targeted about 30 individuals, with Larijani’s name appearing on the list of targets in some of those reports.

Shafaq.com

Following his injury and reports of his transfer to Russia, Iran says Khamenei is well and preparing for a new speech.

Iranian Foreign Ministry spokesman Ismail Baghaei confirmed on Tuesday that the new Supreme Leader, Mojtaba Khamenei, is in good health, indicating that he may deliver a new speech to the people soon.

“I can confirm that he is fine, and you have already heard about his speech, and we hope that he will deliver a new speech to the people soon,” Baqai said in media statements.

He added that “what is happening in the region is a war imposed on Iran by the United States and Israel,” stressing that “the Iranian people are determined to defend their country.”

This came after media reports claimed that Iranian Supreme Leader Mojtaba Khamenei was injured during the first attack that killed his father, and that he was flown to Russia last week on a military plane to receive treatment in Moscow.

For his part, the Iranian ambassador to Moscow, Kazem Jalali, confirmed that “the new Supreme Leader is not in Russia,” while denying reports about “Mojtaba Khamenei receiving treatment in Russia,” according to the TASS news agency.

The Israeli website i24News recently reported that a figure close to Khamenei spoke to the media and stated that he underwent successful surgery after being transferred to Moscow on a military plane last Thursday.

The website claimed that Mojtaba was injured in his legs during the attack that killed his father, and that the decision to transfer Mojtaba to Russia was made following a phone call between the Iranian president and his Russian counterpart.

On the other hand, Kremlin spokesman Dmitry Peskov declined to comment on reports that Mojtaba Khamenei had arrived in Moscow for treatment, amid statements by US Defense Secretary Pete Hegseth that he was “injured” and possibly disfigured.

It is worth noting that Mojtaba has not appeared on television since his appointment as Supreme Leader following his father’s death, and his first statement was issued on the thirteenth day of the war.

Shafaq.com

Washington: Oil tankers have begun crossing the Strait of Hormuz, and the war could end within weeks.

The White House economic adviser said on Tuesday that oil tankers had begun crossing the Strait of Hormuz, noting a “simple start to a flow” of ships in the waterway.

He added, in statements carried by American media, that US President Donald Trump “will not back down until he completes the mission in Iran,” stressing that the war against Iran “does not harm our economy.”

He indicated that the war “will end within weeks, not months,” according to his statements.

Shafaq.com

Oil Minister: We are in contact with Iran to allow the passage of some Iraqi oil tankers.

Oil Minister Hayyan Abdul Ghani Al-Sawad confirmed on Tuesday that the Iraqi government is in contact with the Iranian side to allow Iraqi oil tankers to pass through the Strait of Hormuz. The Oil Minister stated in remarks that “there is communication with Iran regarding allowing some Iraqi oil tankers to pass through.”

Iraq was among the first producers in the Organization of the Petroleum Exporting Countries (OPEC) to reduce their production after the outbreak of war, with production falling to about 1.2 million barrels per day from a previous 4.3 million barrels.

Burathanews.com

The Cabinet approves the Eid al-Fitr holiday starting from Wednesday until next Monday.

The Cabinet decided today, Tuesday, to suspend official working hours on the occasion of Eid al-Fitr, starting from Wednesday, March 18, 2026, until next Monday, March 23, 2026. The Media Office of the Prime Minister stated in a statement that “the Cabinet decided to suspend official working hours on the occasion of Eid al-Fitr, starting from Wednesday, March 18, 2026, until next Monday, March 23, 2026.”

He also added that “official working hours will resume on Tuesday, March 24, 2026.”

Burathanews.com

Parliamentary request to the Foreign Ministry to open a dialogue with Tehran regarding Iraqi tankers in the Strait of Hormuz

On Monday, MP Ali Saber Al-Kinani sent an official letter to Iraqi Foreign Minister Fuad Hussein, proposing the opening of a diplomatic dialogue with Iran regarding the crisis of Iraqi oil tankers passing through the Strait of Hormuz.

According to the document, which was reviewed by Shafaq News Agency, Al-Kaabi called on the Ministry of Foreign Affairs to work on opening channels of dialogue and diplomatic communication with Iran, to allow the passage of Iraqi oil tankers and ensure their safety without obstacles.

In his book, the MP pointed out that the current regional tensions and the resulting halt of some Iraqi oil tankers from crossing have greatly affected the economic situation in Iraq, stressing the need to take urgent measures to protect the country’s economic interests.

At the end of the letter, Al-Kaabi asked the Ministry of Foreign Affairs to take the necessary measures in this regard and to inform the House of Representatives of the procedures taken to address the issue.

Concerns are mounting in Iraq about the economic repercussions of the ongoing regional conflict, especially given the threat of the closure of the vital Strait of Hormuz, which is the main outlet for Iraqi oil exports.

Iraq’s economy is heavily dependent on oil revenues, which represent about 90 to 95 percent of the general budget revenues. This crisis presents the Iraqi government with a financial challenge regarding its ability to continue funding operational expenses, primarily the salaries of employees and retirees, should the disruption of oil exports continue for an extended period.

Shafaq.com

Maliki’s coalition criticizes the delay in resolving constitutional entitlements and warns of its repercussions on citizens.

Zuhair al-Jalabi, a member of the State of Law Coalition, confirmed that the repercussions of the delay in forming the government and deciding on the presidencies are negatively affecting the people.

Al-Jalabi told Al-Maalomah, “The political parties in Iraq do not care about the delay in forming the government or deciding on the position of President of the Republic, whether it is delayed or decided quickly.”

He added that “the people are the ones harmed by the delay in resolving the constitutional requirements represented by choosing the president and forming the government,” noting that “Al-Sudani, despite being the head of the caretaker government, acted in the opposite manner.”

He noted that “there are question marks surrounding the large number of advisors employed by al-Sudani at a time when the country is suffering from various crises, most importantly the economic one,” adding that “al-Sudani has recently dismissed a number of these advisors after the government transitioned to a caretaker role.”

Almaalomah.me

Brent crude surpasses $106 a barrel amid market volatility

Global oil prices hit a new high in the latest trading, with Brent crude, the global benchmark, jumping 2.88% to $106.11 a barrel.

Economic reports monitored by Al-Maalomah Agency stated that “US West Texas Intermediate crude also rose by 2.54%, recording $101.22 per barrel, immediately after trading opened on the Chicago Stock Exchange.”

The reports added that “this noticeable rise was less severe than the sudden jumps seen in recent sessions, but it reflects the continued state of tension in global energy markets.”

It is worth noting that oil prices have risen sharply since the outbreak of recent international crises, with West Texas Intermediate crude increasing by about 50% in a short period, amid concerns about the impact on global energy supplies.

Almaalomah.me