Iran War Cost America $11.3 Billion In One Week
Money and Business Economy News – Follow-up The U.S. Department of Defense (the Pentagon) informed Congress that the first week of the war with Iran cost the United States $11.3 billion, according to a source quoted by the Associated Press.
Officials revealed the figure during a closed session with senators last Tuesday. It does not include the total cost of the war but was presented to lawmakers who had demanded more information about the conflict.
US administration officials also informed lawmakers that $5.6 billion worth of munitions were used during the first two days of the raids.
More funding
Several congressional aides expect the White House to soon submit a request to Congress for additional war funding.
Some US officials said the demand could reach $50 billion, while others said that estimate seemed low.
Members of Congress, who may soon have to approve additional funding for the war, have expressed concern that the conflict will deplete U.S. military stockpiles at a time when the defense industry is already struggling to meet demand.
The US administration has not provided a general assessment of the cost of the conflict or a clear idea of its expected duration.
Democratic lawmakers demanded that administration officials testify publicly under oath about President Donald Trump’s war plans, including how long they might last and what his plans are regarding Iran once the fighting stops.
During a visit to Kentucky on Wednesday, the US president said, “We have won” the war, stressing that the United States will continue the fight to finish the job.
The New York Times was the first to report that the first week of the war – launched by the United States and Israel on February 28 – cost Washington $11.3 billion. https://www.economy-news.net/content.php?id=66655
Iran Warns Oil Could Reach $200 Amid Hormuz Tensions
2026-03-12 Shafaq News- Tehran Global oil prices could surge to $200 per barrel, the Iranian military warned on Thursday, as the war between the United States and Israel on one side and Iran on the other entered its 13th day.
In a statement, Ebrahim Zolfaghari, spokesperson for Iran’s Khatam al-Anbiya Central Headquarters —the command body coordinating the country’s armed forces— blamed Washington for destabilizing regional security, arguing that oil prices depend on stability in the Middle East.
Several governments have meanwhile begun releasing emergency reserves in an effort to calm markets. US Energy Secretary Chris Wright announced that Washington will release 172 million barrels from its Strategic Petroleum Reserve, while Italy will contribute nine million barrels from its strategic stocks, according to a government source cited by Reuters.
French President Emmanuel Macron, in televised comments, also confirmed that France will release up to 14.5 million barrels from its reserves, following a recommendation by the International Energy Agency (IEA) for member states to inject a combined 400 million barrels into global markets.
The conflict that erupted on Feb. 28 following joint US and Israeli strikes on Iran continues to disrupt energy flows through the Strait of Hormuz —one of the world’s most critical oil corridors, through which roughly one-fifth of global crude shipments normally pass. Iranian military officials have previously warned that vessels seeking to cross the strait must obtain Tehran’s approval, with Zolfaghari vowing that Iran would not allow “even a single liter of oil” to pass through the waterway for the United States and its allies.
https://www.shafaq.com/en/Economy/Iran-warns-oil-could-reach-200-amid-Hormuz-tensions
Read more: Hormuz lockdown: Iraq’s economic lifeline under threat
Tanker Hit Near Basra Carried Gas Condensate, Says Expert
2026-03-12 Shafaq News- Basra One of the two tankers recently targeted inside Iraqi territorial waters near the port of Basra was carrying gas condensates produced by Basra Gas Company, economic expert Nabil Al-Marsoumi revealed on Thursday.
In a statement, Al-Marsoumi added that the second tanker was empty at the time of the attack, noting that Basra Gas Company is owned 51% by Iraq, while the remaining 49% is held by oil major Shell and Japanese conglomerate Mitsubishi Corp.
The remarks followed an attack on the Marshall Islands-flagged tanker SAFESEA VISHNU and the Maltese-flagged ZEFYROS inside Iraqi waters near Basra. Firefighters on Thursday extinguished fires aboard the vessels, while rescue teams continued searching for missing crew members after the incident left one person dead and several others injured. Security sources told Shafaq News that preliminary investigations suggest the attack may have involved an explosive-laden boat. https://www.shafaq.com/en/Economy/Tanker-hit-near-Basra-carried-gas-condensate-says-expert
Iraq Warns Gulf Tanker Attacks Risk Economic Fallout For Millions
2026-03-12 Shafaq News- Baghdad Iraq’s Ministry of Oil on Thursday stressed that international maritime routes and energy infrastructure must remain outside regional conflicts, after a recent attack targeted two oil tankers inside Iraqi territorial waters near the southern port city of Basra.
In a statement, the ministry described the recent incidents involving oil tankers in Gulf waterways as “a troubling sign” of escalating tensions in a region vital to global energy supplies. It affirmed that attacks on shipping lanes endanger civilian lives and maritime workers while risking broader economic consequences for millions of people.
The statement followed an attack on the Marshall Islands-flagged tanker SAFESEA VISHNU and the Maltese-flagged ZEFYROS inside Iraqi waters near Basra. Firefighters on Thursday extinguished fires aboard the vessels, while rescue teams continued searching for missing crew members after the incident left one person dead and several others injured.
Security sources told Shafaq News that preliminary investigations suggest the attack may have involved an explosive-laden boat. https://www.shafaq.com/en/Economy/Iraq-warns-Gulf-tanker-attacks-risk-economic-fallout-for-millions
Read more: Iraq’s oil lifeline under pressure: US-Iran war reshapes economic calculus
Basrah Crudes Fall Despite Global Gains
2026-03-12 Shafaq News- Basrah Iraq’s Basrah crude declined more than 1% on Thursday, amid strength in global oil markets. Basrah Heavy crude fell by $1.70, or 1.16%, to $90.89 per barrel, while Basrah Medium crude slipped by $1.70, or 1.14%, to settle at $92.84 per barrel.
Brent futures climbed $4.18, or 4.8%, to settle at $91.98 a barrel, while US West Texas Intermediate closed $3.80 higher, or 4.6%, at $87.25 a barrel. https://www.shafaq.com/en/Economy/Basrah-crudes-fall-despite-global-gains-5
Oil Jumps Nearly 5% As Hormuz Ship Attacks Rattle Supply
2026-03-12 Shafaq News Oil prices settled up nearly 5% on Wednesday as fresh attacks on ships in the Strait of Hormuz worsened supply disruption fears, and analysts said the International Energy Agency’s proposal for a record release of oil reserves is inadequate to ease those worries.
Brent futures rose $4.18, or 4.8%, to settle at $91.98 a barrel, while U.S. West Texas Intermediate ended the session up $3.80, or 4.6%, at $87.25 a barrel.
Three more vessels have been hit by projectiles in the Strait of Hormuz, maritime security and risk firms said on Wednesday. That brought the number of ships struck in the region to at least 14 since the Iran war began.
Shipping along the narrow strait has come to a near standstill since the United States and Israel began strikes on Iran on February 28, preventing exports of around a fifth of the world’s oil supply and sending global oil prices surging to highs not seen since 2022.
President Donald Trump has said the United States is prepared to escort tankers through the Strait of Hormuz when necessary. However, sources told Reuters the U.S. Navy has refused requests from the shipping industry for military escorts as the risk of attacks is too high for now.
The IEA, meanwhile, recommended the release of 400 million barrels of oil, the largest such move in its history, to try to rein in energy prices, which are now up more than 25% since the war began. The time frame for the release will be decided in due course, the IEA said.
The proposed volume is more than double the 182 million barrels released in 2022 following Russia’s invasion of Ukraine, but analysts said it was ultimately insufficient to resolve supply losses from a prolonged war in the Middle East.
The proposed release is roughly equal to about four days of global production and 16 days of the volume of crude that transits through the Gulf, Macquarie analysts estimated.
“If that doesn’t sound like much, it isn’t,” the analysts said in a note.
Oil prices also shrugged off a U.S. government report that showed crude oil stockpiles in the top oil-producing country had grown more than expected last week. U.S. gasoline and distillate fuel stocks, which include diesel and jet fuel, dropped more than expected, the report showed.
SUPPLY CONCERNS REMAIN
Abu Dhabi state oil giant ADNOC has shut its Ruwais refinery in response to a fire at a facility within the complex following a drone strike, according to a source, marking the latest energy infrastructure disruption due to the Iran war.
Saudi Arabia, the world’s largest oil exporter, is seen boosting supplies via the Red Sea, although they are still far below the levels needed to compensate for the drop in flows from the Strait of Hormuz, shipping data showed.
The kingdom is relying on the Red Sea port of Yanbu to help it boost exports to avert steep production cuts as its neighbors Iraq, Kuwait and the United Arab Emirates have already reduced output.
Energy consultancy Wood Mackenzie said the war is currently cutting Gulf oil and oil products supply to the market by some 15 million barrels per day, which could raise crude prices to $150 per barrel.
“Even a quick resolution probably implies weeks of disruption for energy markets yet,” Morgan Stanley said in a note.
(REUTERS) https://www.shafaq.com/en/Economy/Oil-jumps-nearly-5-as-Hormuz-ship-attacks-rattle-supply
US Dollar Rises In Baghdad And Erbil Markets
2026-03-12 Shafaq News- Baghdad/ Erbil The US dollar opened Thursday’s trading higher in Iraq, hovering around 154,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 154,250 dinars per 100 dollars, down from the previous session’s 153,850 dinars.
In the Iraqi capital, exchange shops sold the dollar at 154,750 dinars and bought it at 153,750 dinars, while in Erbil, selling prices stood at 153,950 dinars and buying prices at 153,850 dinars.
https://www.shafaq.com/en/Economy/US-Dollar-rises-in-Baghdad-and-Erbil-markets
Gold Prices Hold In Baghdad, Drop In Erbil
2026-03-12 Shafaq News- Baghdad/ Erbil On Thursday, gold prices hovered around 1.12 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 1.120 million IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1.116 million IQD.
The selling price for 21-carat Iraqi gold stood at 1.090 million IQD, while the buying price reached 1.086 million IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1.120 million and 1.130 million IQD, while Iraqi gold sold for between 1.090 million and 1.100 million IQD.
In Erbil, 22-carat gold was sold at 1.159 million IQD per mithqal, 21-carat gold at 1.106 million IQD, and 18-carat gold at 949,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-hold-in-Baghdad-drop-in-Erbil
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