Oil Prices Dip Amid Iran Peace Efforts
2026-10-27 01:24 Shafaq News Oil prices edged lower on Tuesday as the potential for a resolution in the US-Israeli war on Iran kept supply fears at bay, but Brent stayed close to six-month highs as attacks on Saudi Arabia lowered hopes of immediate stability in the region.
Brent crude futures were down 66 cents, or 0.57%, at $115.15 a barrel as of 0000 GMT, while US West Texas Intermediate crude was down 44 cents, or 0.43%, at $101.32.
Saudi Arabia, Turkey and Pakistan held talks with Iranian officials in Tehran on Monday aimed at easing tensions in the Middle East. Saudi Arabia said the visit sought to establish open negotiating channels to “prevent the return of military escalation”. The four countries agreed to continue talks with a view to strengthening cooperation in peace and security, Iranian state media reported.
Hopes of resolution in the conflict erased some fears of supply disruption, lowering risks and pressuring oil prices.
However, losses were limited as scope for peace looked fragile, with renewed attacks by Iran-aligned Houthis on key producer Saudi Arabia.
October has been the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways, according to data compiled by a Washington-based think tank that has tracked maritime security incidents worldwide since 2017.
The war has rippled across the Middle East, placing the Strait of Hormuz at the center of the turmoil. The narrow waterway carried around a fifth of the world’s energy supplies before the conflict erupted in February.
Last week, Brent prices surged to more than $117 a barrel, the highest level since April, after a wave of Iranian attacks on tankers around the strait. Brent prices touched $117 on Monday as well.
Elsewhere, Russian refiners are raising diesel production in October after the government granted export quotas following the Kremlin’s supply agreement with the US, two industry sources close to the matter said. (Reuters)
Basrah Crudes Drop With Global Benchmarks
2026-10-27 02:22 Shafaq News- Basrah Iraq’s Basrah crude prices fell by $1.02 on Tuesday, tracking losses in global oil benchmarks.
Basrah Heavy crude dropped 1.37% to $73.20 per barrel, while Basrah Medium crude fell 1.30% to $77.20 per barrel.
US West Texas Intermediate (WTI) crude dipped 44 cents, or 0.43%, to $101.32 per barrel, while Brent crude dropped 66 cents, or 0.57%, to $115.15 per barrel.
The OPEC reference basket stood at $115.09 a barrel, while the UAE’s Murban crude was priced at $117.67 a barrel, down 33 cents, or 0.28%. https://shafaq.com/en/Economy/Basrah-crudes-drop-with-global-benchmarks
US Dollar Rises In Baghdad And Erbil
2026-10-27 04:16 Shafaq News- Baghdad/ Erbil The US dollar opened Tuesday’s trading higher in Iraq, hovering around 168,100 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 168,000 dinars per 100 dollars, up from the previous session’s 167,750 dinars.
In the Iraqi capital, exchange shops sold the dollar at 168,500 dinars and bought it at 167,500 dinars, while in Erbil, selling prices stood at 168,100 dinars and buying prices at 168,000 dinars.
Gold Prices Fall In Baghdad, Rise In Erbil
2026-10-27 06:07 Shafaq News- Baghdad/ Erbil On Tuesday, gold prices hovered around 950,000 IQD per mithqal in Baghdad and Erbil markets, according to a Shafaq News market survey.
At Baghdad’s Al-Nahr Street wholesale market, 21-carat Gulf, Turkish and European gold sold for 940,000 IQD per mithqal (equivalent to five grams) and was bought at 936,000 IQD, down from Monday’s 944,000 IQD.
Iraqi 21-carat gold sold for 910,000 IQD per mithqal and was bought at 906,000 IQD.
At jewelry stores, 21-carat Gulf gold sold for between 940,000 and 950,000 IQD per mithqal, while Iraqi gold sold for between 910,000 and 920,000 IQD.
In Erbil, prices edged up. 22-carat gold sold for about 1.004 million IQD per mithqal, 21-carat for 960,000 IQD and 18-carat for 823,000 IQD. https://shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-rise-in-Erbil-8
An Economist Warns Of A “Cost Of Living Setback” Due To Exchange Rate Volatility.
Information/Baghdad… Economic expert Abdul Rahman Al-Mashhadani warned on Monday of the significant negative repercussions of exchange rate instability and the current market turmoil. He emphasized that relying on stopgap solutions and manipulating the currency directly harms citizens’ purchasing power and is detrimental to the economy.
In a statement to the Information Agency, Al-Mashhadani said, “The true salvation of the Iraqi economy does not lie in changing the exchange rate or raising the price of the dollar, as these measures may provide quick and temporary liquidity to the state treasure, but they do not constitute financial reform in themselves without comprehensive strategic plans.”
He added, “The Iraqi market is experiencing clear turmoil that necessitates a genuine and urgent review by the Central Bank of the current monetary policy mechanisms.” He pointed out that “true financial reform requires building a genuine, diversified revenue system, reducing wasteful spending within the state apparatus, and making serious efforts to recover smuggled funds and assets.”
Al-Mashhadani stressed “the necessity of immediate intervention by the Central Bank and the injection of sufficient quantities of foreign currency to cover the market’s basic needs and curb speculators who are exploiting the absence of radical solutions to raise prices,” while warning that “the continuation of the current situation without radical solutions will directly exacerbate the crisis and increase the cost of imports, which threatens a decline in living standards and widens the poverty line among citizens.” End/25
PM: Iraq Has Made Significant Progress In Creating Opportunities To Attract More Investments
Iraqi News agency Baghdad -INA- 10/26/2026
Prime Minister Ali Faleh al-Zaidi affirmed on Monday that the government is committed to enhancing investment opportunities across all sectors. He noted that Iraq has made significant Progress in creating opportunities to attract more Arab and foreign investments.
The Prime Minister’s Media Office stated in a statement received by the Iraqi News Agency (INA) that “Prime Minister Ali Faleh al-Zaidi met in Amman, the Jordanian capital, with a group of Iraqi businessmen and investors representing various economic and commercial sectors.”
The statement added that “the Prime Minister reviewed several policies and measures adopted by the Iraqi government to strengthen the investment ambience and attract capital to contribute to national development.” He emphasized that “Iraq has made significant progress in creating opportunities to attract more Arab and foreign investments by simplifying procedures, addressing investor concerns, and safeguarding their rights, in accordance with the Investment Law.”
The Prime Minister, according to the statement, indicated that “Iraq possesses numerous investment opportunities, and the government has granted the private sector many Privileges, including customs exemptions, to contribute to the implementation of development projects and provide job opportunities for young people.”
The Prime Minister explained that “the beginning of next year will witness the laying the cornerstone for the development road, which will include the establishment of industrial cities, as well as the opening of the Grand Faw Port at full capacity for commercial transport, making Iraq a point of connection between East and West and one of the most important trade corridors in the world.”
Prime Minister listened to the input and proposals of businessmen regarding cooperation and coordination in implementation of projects across various sectors,” emphasizing that “the government is keen to promote investment and provide opportunities in all fields.