Shafaq News- Baghdad/ Erbil

The US dollar closed lower on Thursday in Iraq, slipping below 155,000 dinars per 100 dollars at the end of the trading week.

According to a Shafaq News market survey, the dollar traded at 154,900 dinars per 100 dollars on Baghdad's Al-Kifah and Al-Harithiya central exchanges, down from 155,100 dinars earlier in the day.

In the Iraqi capital, exchange shops sold the dollar at 155,500 dinars and bought it at 154,500 dinars.

In Erbil, the dollar sold for 154,650 dinars per 100 dollars and was bought at 154,600 dinars.

Shafaq News- Baghdad

Chinese and Indian state refiners are struggling tosecure tankers to transport Iraqi Basrah crude amid elevated freight rates followingthe closure of the Strait of Hormuz, which carries around 20% of global oilsupplies, according to company and shipping sources cited by Reuters.

PetroChina and Indian Oil Corp (IOC) have been unableto charter very large crude carriers (VLCCs) for late June shipments from Iraq,while Chinese refiner Sinochem is also seeking tonnage. Offers for cargoesloading from Iraq's Basrah Oil Terminal between June 25 and 30 reached 650 to750 worldscale points, a standard shipping-rate benchmark, nearly three timeshigher than levels prevailing before tensions between the United States,Israel, and Iran escalated in late February.

“There are tankers available, but the problem is it'stoo expensive and there is no guarantee you can exit the strait,” a PetroChinaofficial remarked.

A shipping source also expected freight costs toremain high despite the recent US-Iran agreement aimed at reopening thewaterway and ending military operations across all fronts, including Lebanon.

Read more: US, Iran sign remote memorandum to end war

Sinochem was still looking for a VLCC on Thursday fordeliveries to Asia, while IOC received no offers in a tender issued last weekfor cargoes bound for Paradip port on India's east coast and later declaredforce majeure.

The Strait of Hormuz has remained largely closed sinceFeb. 28 after Iran restricted maritime traffic in response to the US-Israeliwar launched against it. Washington and Tehran have since agreed to restoreshipping under a memorandum scheduled to be signed in Switzerland on June 19.

Iraq, OPEC's second-largest producer, exports about95% of its crude through southern terminals, making it particularly vulnerableto prolonged disruption in Gulf shipping. Although Baghdad is seeking to expandnorthern export routes through Turkiye, analysts told Reuters thatinfrastructure, political, and security challenges continue to constrain thosealternatives.

Read more: Iraq's oil lifeline is blocked: The crisis runs deeper than Hormuz

Shafaq News- Basra

Iraq began unloading a major imported gasoline shipment at Khor al-Zubair Port in Basra to support domestic fuel supplies, a source at the General Company for Ports of Iraq told Shafaq News on Thursday.

The tanker NAVIG8 MONTIEL, supplied by ADNOC Global Trading on behalf of Iraq's State Organization for Marketing of Oil (SOMO), docked at the port carrying approximately 37,500 tonnes of gasoline. Technical procedures to unload the cargo are underway at Berth No. 3 of Khor al-Zubair Port.

Specialized technical and laboratory teams have started testing the fuel to ensure compliance with specifications approved under the Oil Ministry's contract before the shipment is released and pumped into Iraq's oil pipeline network for local consumption.

Shafaq News- Baghdad/ Erbil

On Thursday, gold priceshovered around 940,000 IQD per mithqal in Baghdad and Erbil markets,according to Shafaq News market survey.

Gold prices on Baghdad's Al-NahrStreet recorded a selling price of 934,000 IQD per mithqal (equivalentto five grams) for 21-carat gold, including Gulf, Turkish, and Europeanvarieties, with a buying price of 930,000 IQD. The same gold had soldfor 948,000 IQD on Wednesday.

The selling price for 21-caratIraqi gold stood at 904,000 IQD, with a buying price of 900,000IQD.

In jewelry stores, the selling priceper mithqal of 21-carat Gulf gold ranged between 935,000 and 945,000IQD, while Iraqi gold sold for between 905,000 and 915,000 IQD.

In Erbil, 22-carat gold wassold at 988,000 IQD per mithqal, 21-carat gold at 943,000 IQD,and 18-carat gold at 808,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar openedThursday’s trading lower in Iraq, hovering around 155,000 dinarsper 100 dollars.

According to Shafaq News marketsurvey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 155,100dinars per 100 dollars, down from the previous session’s 156,000 dinars.

In the Iraqi capital, exchange shopssold the dollar at 155,500 dinars and bought it at 154,500 dinars,while in Erbil, selling prices stood at 155,150 dinars and buying pricesat 155,000 dinars.

Shafaq News- Basrah

Iraq’s Basrah crude plunged morethan 7% on Thursday, as major global benchmarks moved lower.

Basrah Heavy crude dropped to $47.51per barrel, losing $3.94, or 7.66%, while Basrah Medium crude slid to $49.61per barrel, down $3.94, or 7.36%.

Brent crude fell to $77.99 perbarrel, shedding $1.56, or 1.96%, and US West Texas Intermediate crude declinedto $75.04 per barrel, down $1.75, or 2.28%.

OPEC's basket retreated 3.95% to$84.43 per barrel, while Dubai crude slipped 4.24% to $80.66.

Saudi Arabia’s Arab Light crude lost5.71% to $80.41 per barrel, Kuwait Export Blend weakened 9.49% to $85.84, andQatar’s Al-Shaheen crude dropped 8.82%.

Shafaq News

Oil prices fell more than $1 per barrel onThursday after the U.S. and Iran signed ‌an interim agreement that would endthe Iran war, reopen the Strait of Hormuz and waive U.S. sanctions on Tehran'soil, boosting the oil supply outlook.

Brent crude futures were down $1.64,or 2.06%, at $77.91 a barrel as of 0427 GMT, and U.S. West Texas ​Intermediatefell $1.80, or 2.34%, to $74.99 a barrel.

The benchmarks resumed theirdecline, reversing gains made on Wednesday after ​U.S. President Donald Trumpsaid he could resume his bombing campaign if Iran's leaders "don't⁠behave".

"The sell-off extended asenergy markets continued to aggressively price in a faster-than-expected returnof Iranian barrels following ​the recent U.S.-Iran memorandum ofunderstanding," IG market analyst Tony Sycamore said in a note.

The 14-point memorandum begins a60-day ​negotiation period during which Iran will allow toll-free passagethrough the Strait of Hormuz, a key oil and gas shipping lane. The deal callsfor traffic through the strait to be restored to its full capacity within 30days.

The preliminary accord defers many​of the more difficult issues such as Iran's nuclear program, and also requiresthe U.S. and its partners ​to come up with a $300 billion plan to financeIran's recovery.

Analysts are cautious on how muchfurther oil prices might decline ‌in ⁠the near term, as supply could remaintight even after the Strait of Hormuz reopens.

"The volume of crude returningto the market after Hormuz reopens could be limited as some cargoes alreadyexited through workaround arrangements, while shipowners may remain reluctantto send tankers back into the region amid concerns the agreement couldcollapse," said Mukesh ​Sahdev, CEO of energy consultancy ​XAnalysts.

"Overall crude demand may ⁠comefaster than supply, checking price falls to pre-war levels," he said.

If the U.S.-Iran agreement issuccessfully implemented and the strait reopened, this year's supply crisiscould turn ​into a significant supply glut in 2027, the IEA cautioned onWednesday, forecasting in ​its monthly market ⁠report that supply will outstripdemand by 5.05 million barrels per day next year as Middle East oil returns tothe market.

Also weighing on the oil market areramped-up bets the U.S. Federal Reserve may raise interest rates later this⁠year to ​rein in inflation, which could slow economic growth and suppress oil​demand.

Nine of 19 Fed policymakers nowthink a rate hike will be needed, Wednesday projections showed, a departurefrom three months ago when none ​of them held that view.

(REUTERS)

Only the headline is edited byShafaq News.

Shafaq News- Paris

The International Energy Agency (IEA) said on Wednesday that the global oil market is expected to gradually recover from the disruption caused by the closure of the Strait of Hormuz, while warning of a significant supply surplus in 2027.

In its monthly oil market report, the Paris-based agency said the temporary agreement between the United States and Iran, which includes reopening the Strait of Hormuz and lifting US restrictions on Iranian ports, would help restore Gulf oil flows.

The new agreement between the US & Iran offers the prospect of a gradual recovery in oil production & exports from the GulfOur new Oil Market Report sees global oil supply falling by 4 mb/d in 2026 due to the Gulf disruptions before rebounding in 2027 ⬇️ https://t.co/ZGcLwiA83E

— International Energy Agency (@IEA) June 17, 2026

The IEA estimated that the recent conflict disrupted more than 14 million barrels per day (bpd) of Middle Eastern oil production, adding that Iranian exports are expected to fully resume once US restrictions are lifted.

The agency's preliminary outlook for 2027 projects global oil supply growth of around 8 million bpd, far outpacing expected demand growth of less than 2 million bpd.

According to the report, oil flows through the Strait of Hormuz began to recover in early June, driven by an increase in ship-to-ship transfers in the Gulf of Oman, lifting total Middle East supplies to around 12 million bpd from 9.6 million bpd in May.

Shafaq News- Baghdad/ Erbil

The US dollar closed Wednesday’s trading higher in Iraq,hovering around 156,200 dinars per 100 dollars.

According to Shafaq News market survey, the dollar traded inBaghdad's Al-Kifah and Al-Harithiya exchanges at 156,250 dinars per 100dollars, up from the morning session’s 156,000 dinars.

In the Iraqi capital, exchange shops sold the dollar at 156,750dinars and bought it at 155,750 dinars, while in Erbil, selling prices stood at155,700 dinars and buying prices at 155,650 dinars.

The former Director General of the Central Bank of Iraq(CBI), Mahmoud Dagher, told Shafaq News on Wednesday that expectations of a potentialdevaluation of the Iraqi dinar amid economic pressures and existing debtobligations are contributing to higher demand for the US dollar and pushing upits exchange rate in the local market.

“Statements and leaks related to the Central Bank's policiesor possible changes to the exchange rate often fuel speculation in the market.”

Dagher explained that such reports typically createuncertainty and encourage economic actors to increase their holdings of USdollars, placing additional pressure on the local currency and affecting marketprices. “Expectations of a weaker dinar frequently trigger a broadershift among individuals and businesses toward converting savings into foreigncurrency.”

Shafaq News- Baghdad

Iraq's foreign reserves fell 1.43% during the finalweek of May, extending their decline in the second quarter of 2026, accordingto data released by the Central Bank of Iraq.

Holdings stood at 118.947 trillion Iraqi dinars ($76.25B)on May 28, down 1.728 trillion dinars ($1.11B) from 120.675 trillion dinars ($77.36B)a week earlier. The figures also showed a broader monthly decline, withreserves reaching 127.152 trillion dinars ($81.51B) in April compared with130.443 trillion dinars ($83.62B) in March.

Gold remained one of the main components of thecountry’s official reserves, with assets valued at 32.973 trillion dinars ($21.14B).

Shafaq News-Baghdad/ Erbil

On Wednesday, gold prices hoveredaround 950,000 IQD per mithqal in Baghdad and Erbil markets, according to asurvey by Shafaq News Agency.

Gold prices on Baghdad'sAl-Nahr Street recorded a selling price of 948,000IQD per mithqal (equivalent to five grams) for21-carat gold, including Gulf, Turkish, and European varieties, with a buyingprice of 944,000 IQD. The same gold had sold for 943,000 IQD on Tuesday.

The selling price for 21-caratIraqi gold stood at 918,000 IQD, while the buying price reached 914,000IQD.

In jewelry stores, the sellingprice per mithqal of 21-carat Gulf gold ranged between 950,000and 960,000 IQD, while Iraqi gold sold for between 920,000and 930,000 IQD.

In Erbil, 22-carat gold wassold at 997,000 IQD per mithqal, 21-carat gold at 951,000IQD, and 18-carat gold at 815,000IQD.

Shafaq News- Baghdad/ Erbil

The US dollar opened Wednesday’s trading higher in Iraq,hovering around 156,000 dinars per 100 dollars.

According to Shafaq News market survey, the dollartraded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 156,000 dinars per100 dollars, up from the previous session’s 154,900 dinars.

In the Iraqi capital, exchange shops sold the dollarat 156,500 dinars and bought it at 155,500 dinars, while in Erbil, sellingprices stood at 155,750 dinars and buying prices at 155,700 dinars.

Shafaq News

Oil prices inched lower on Wednesday, extending theprevious session's declines as investors assessed the U.S.-Iran peace deal,though uncertainty over the full resumption of shipping through the Strait ofHormuz limited further falls.

Brent crude futures dipped 16 cents, or 0.2%, to $78.80a barrel by 0340 GMT, while U.S. West Texas Intermediate fell 25 cents, or0.3%, to $75.80 a barrel.

Both benchmarks fell about 5% for a second straightsession on Tuesday to stand at three-month lows, on hopes that a U.S.-Iran dealwould allow oil flows through the Strait.

"Markets are broadly stripping out the embeddedgeopolitical risk premium in oil prices," said Priyanka Sachdeva, seniormarket analyst at ⁠Phillip Nova.

"That said, the path toward normalisation remainsfar from straightforward. While political agreements may be progressing,physical tanker traffic through the Strait has yet to fully recover."

The deal would provide for the United States to lift itsblockade of Iran's ports, while Tehran would allow oil tanker traffic throughthe Strait, effectively blocked since U.S. and Israel strikes on February 28.

"Oil markets retreated on expectations the Straitof Hormuz would reopen following the peace agreement, but traders held offfurther selling pending details," said Hiroyuki Kikukawa, chief strategistof Nissan Securities Investment.

Before the closure, about a fifth of global crude oiland liquefied natural gas supplies flowed through the Strait.

Details of the interim peace deal began ⁠to emerge on Tuesday,with President Donald Trump saying it would rule out a nuclear weapon forTehran and a U.S. official saying it would allow Iran to sell oil upon signing.

The memorandum of understanding, not yet public, extendsby another 60 days a tenuous ceasefire agreed in April, so as to allow room fortalks toward a permanent truce.

Still, industry officials say a full return to pre-warproduction and refining levels ⁠is likely to take weeks, months or even years.

Israel has distanced itself from both the Aprilceasefire and the latest U.S.-Iran pact, fuelling uncertainty about whether itwill hold.

Israeli drone strikes targeted three vehicles insouthern Lebanon on Tuesday, killing at least four and wounding others,Lebanon's National News ⁠Agency said, prompting a rare public rebuke from Trump.

China's crude oil throughput fell 9.1% in May on theyear to its lowest in almost four years, data showed, also signalling thatrefiners were starting to draw on stockpiles amid the Iran war.

The American Petroleum ⁠Institute report showed U.S.crude stocks fell 8.3 million barrels in the week ended June 12, the sourcessaid.

It exceeded expectations for a draw of 4.6 millionbarrels, with official numbers due from the Energy Information Administrationat 10:30 a.m. ET (1430 GMT) on Wednesday.

(Reuters)

Only the headline is edited by Shafaq News Agency.

Shafaq News- Basrah

Iraq's two Basrah crude grades fell more than 3%on Wednesday, widening the discount against Arab producer benchmarks andpushing Basrah Heavy toward the $50 threshold.

Basrah Heavy dropped $2.05, or 3.83%, to $51.45per barrel, while Basrah Medium declined $2.05, or 3.69%, to $53.55 per barrel.

Saudi Arab Light traded at $85.28 per barrel,Kuwait Export Crude at $94.84, the UAE's Murban at $71.81, and Qatar Land at$75.81, leaving both Basrah grades at least $18 below the cheapest Arabbenchmark in Wednesday's session.

Brent crude fell to $78.71 per barrel, whileWest Texas Intermediate (WTI) declined to $75.71 per barrel.

Shafaq News- Ankara

Iraq remained the largest buyer of Turkish lemons in the first four months of 2026, purchasing $64.5 million worth of the product after importing $161.5 million in 2025, the head of the Aegean Fresh Fruit and Vegetable Exporters Association said on Tuesday.

According to Cengiz Balik, Russia ranked second among Turkiye's export destinations, with shipments rising 62% year-on-year to $50 million from $30.6 million, while Romania placed third with $14.5 million. Lemon exports generated $195 million in revenue between January and April 2026, making lemons Turkiye's fourth most exported fresh fruit and vegetable product after mandarins, tomatoes, and peppers.

Turkiye's fresh fruit and vegetable exports to Iraq made it the sector's second-largest destination in 2025.

Shafaq News- Basra

Two oil tankers, a Greek and an Emirati tanker, arecurrently being loaded with a combined four million barrels of Iraqi crude atsouthern ports in Basra as part of the resumption of crude oil exports, an Iraqi ports source told Shafaq News on Tuesday.

This development follows the preliminary understandingbetween Iran and the United States announced on Sunday, which led to thereopening of the Strait of Hormuz to maritime traffic after intermittent disruptionslinked to the conflict involving Iran, the United States, and Israel.

Hormuz, the strategic maritime corridor, has been largelyshut since February 28 following the US–Israel war on Iran, disrupting energyflows and prompting Gulf producers, including Iraq, which routes roughly 95% ofits oil exports through the waterway, to scale back shipments.

Shafaq News- Ankara

Ankara refuses to extend the existing Kirkuk-Ceyhan oilpipeline agreement under current conditions, Reuters reported on Tuesday,citing a senior Turkish official.

Iraq requested at least a one-yearextension to allow more time for negotiations on a replacement deal.

Ali Nizar, head of Iraq’s State Organization for Marketingof Oil (SOMO), said Iraq has exported about 12 million barrels of crude oilthrough its southern ports since the beginning of June.

The current Kirkuk-Ceyhan pipeline agreement is due toexpire on July 27, ending a framework that has regulated oil exports betweenIraq and Turkiye for decades. Both sides continue to discuss a draft agreementthat would govern export operations through the route in the coming period.

Shafaq News- Baghdad/ Erbil

The US dollar closedTuesday’s trading higher in Iraq, hovering around 155,000 dinarsper 100 dollars.

According to Shafaq News marketsurvey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 155,450dinars per 100 dollars, up from the morning session’s 154,900 dinars.

In the Iraqi capital, exchange shopssold the dollar at 156,000 dinars and bought it at 155,000 dinars,while in Erbil, selling prices stood at 155,400 dinars and buying pricesat 155,350 dinars.

Shafaq News-Tehran

Tehran'sbenchmark index broke above 5.1 million points within five minutes of Tuesday'sopening bell, setting an all-time record for the Iranian stock exchange in themarket's largest single-session surge since its founding.

Monday'ssession had already closed at 4,980,430 points —a gain of roughly 162,000points— before Tuesday's open pushed the index past the 5-million-pointthreshold to reach 5.1 million points, according to data from the Iranianbourse cited by the Iranian Fars News Agency.

Approximately90 percent of listed shares recorded gains in the first minutes of trading,with buy orders dominating the majority of listed equities, exchange datashowed.

Capital marketanalysts, quoted by Fars, attributed the rally to a combination of factors: increasedliquidity flowing into the market, improved corporate earnings expectations,and recent broader economic developments.

Shafaq News- Baghdad/ Erbil

The US dollar closed Tuesday’s trading higher in Iraq,hovering around 156,000dinars per 100 dollars.

According to a Shafaq News market survey, the dollar tradedin Baghdad's Al-Kifah and Al-Harithiya exchanges at 156,100 dinars per 100dollars, up from the morning session’s 154,900 dinars.

In the Iraqi capital, exchange shops sold the dollar at 156,500dinars and bought it at 155,500 dinars, while in Erbil, selling prices stood at155,750 dinars and buying prices at 155,700 dinars.

Shafaq News- Baghdad

Iraq's petroleum product exportstotaled 2.35 million tonnes in the first quarter of 2026, down nearly 16% from2.80 million tonnes during the same period last year, according to datareleased on Tuesday by the State Oil Marketing Organization (SOMO).

The exports consisted of 2.12million tonnes of fuel oil and 234,503 tonnes of naphtha, while no sulfurexports were recorded during the January-March period.

Iraq, OPEC's second-largest oilproducer, relies on crude oil exports for about 90% of federal revenue.According to government accounts through April, oil revenues reached 26.121trillion Iraqi dinars (about $17B), accounting for 84% of the country's totalincome of 31.163 trillion dinars (about $20B) during the first four months of2026.

Shafaq News-Baghdad/ Erbil

Gold edgedhigher in Baghdad and Erbil on Tuesday, hovering around 940,000 IQD permithqal, according to Shafaq News market survey.

Wholesaleprices on Baghdad's Al-Nahr Street recorded a selling price of 943,000 IQD permithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish,and European varieties, with a buying price of 939,000 IQD, up from Monday's935,000 IQD.

The sellingprice for 21-carat Iraqi gold stood at 913,000 IQD, with a buying price of909,000 IQD.

In jewelrystores, the selling price per mithqal of 21-carat Gulf gold ranged between945,000 and 955,000 IQD, while Iraqi gold sold for between 915,000 and 925,000IQD.

In Erbil,22-carat gold was sold at 995,000 IQD per mithqal, 21-carat gold at 950,000IQD, and 18-carat gold at 814,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar openedTuesday’s trading mixed in Iraq, hovering around 155,000 dinarsper 100 dollars.

According to Shafaq News marketsurvey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,900dinars per 100 dollars, up from the previous session’s 154,200 dinars.

In the Iraqi capital, exchange shopssold the dollar at 155,500 dinars and bought it at 154,500 dinars,while in Erbil, selling prices stood at 153,850 dinars and buying pricesat 153,750 dinars.

Shafaq News-Basrah

Iraq's Basrahcrude posted sharp losses on Tuesday, ranking among the steepest decliners inglobal oil markets as optimism over a preliminary US-Iran agreement pressuredprices.

Basrah Heavydropped $4.64, or 7.98%, to $53.50 per barrel, while Basrah Medium fell by thesame amount, losing 7.70% to settle at $55.60 per barrel.

Globally, Brentcrude eased 0.31% to $82.92 per barrel, and US West Texas Intermediate (WTI)slipped 0.11% to $80.66 per barrel.

TheOrganization of the Petroleum Exporting Countries (OPEC) basket declined 6.52%to $91.68 per barrel. Omani crude on the Dubai Energy Exchange also fell 7% to$81.91 per barrel, as wait-and-see sentiment spread across regional markets.

Shafaq News

Oil pricesextended ​losses on Tuesday, as markets weighed prospects for resumption ofsupply through the key Strait of Hormuz against ‌shaky physical market driversand a lack of details from a preliminary deal to end the Iran war.

By 0436 GMT,Brent crude futures fell 25 cents, or 0.3%, to $82.92 a barrel and U.S. WestTexas Intermediate inched down 9 cents, or 0.1%, to $80.66 a barrel.

On Monday, oilprices fell nearly 5% ​to their lowest close since March 4, after U.S.President Donald Trump said a memorandum of understanding was signed ​to endthe U.S.-Israeli war with Iran, though full details have not been made public.

The hostilitiesled to ⁠the closure of the Strait of Hormuz that typically carried one-fifth ofthe world's oil supply before the conflict.

Some analystsexpect ​a resumption of supply soon via the Strait, with other factors weighingdown physical market prices.

"Fromhere, it likely takes several weeks ​for tanker flow to be restored,"Morgan Stanley analysts said in a client note.

"We see50% of production back by September, and 80% by December, slightly faster thanbefore."

A broad rangeof indicators had signalled weakness in physical oil markets in recent weeks,they added.

"High U.S.exports and low China imports ​are the key drivers (and) in the short term(i.e. next weeks) they do not seem to come to an end just yet."

China's ​crudeimports slumped 29% in May to their lowest in eight years, extending a dramaticdecline for the world's importer, with its liftings of Saudi Arabia ‌crude ⁠expected to also fall in July.

Earlyindications are that the U.S.-Iran deal would reopen the blockaded Strait ofHormuz and extend a ceasefire for 60 days, allowing negotiators to tackledifficult issues such as the future of Iran's nuclear programme.

On Monday,Iranian President Masoud Pezeshkian called the U.S.-Iran pact an"important step" toward stopping the fighting but cautioned a finalagreement for a lasting truce "has yet to take shape".

But ​with fulldetails yet to ​emerge and a permanent truce ⁠still to be reached, overall price weakness islimited.

Suvro Sarkar,the head of DBS Bank's energy research, said the deal's first phase,encompassing the Geneva signing of an extension of the 60-day ceasefire, ​waseasy, would buy time and kick the "nuclear can" down the road.

But the secondphase, to ​be watched most ⁠closely by markets for its physical impact, isthe phased reopening of the Strait of Hormuz and the wind-down of the US navalblockade on Iranian ports and vessels, he added.

"Anythingother than a clean simultaneous unlock will mean renewed volatility in oilprices," Sarkar said. "Given ⁠the trust ​deficit so far, it will be interesting to seehow this plays out ​over the next couple of weeks."

On Monday, asenior Iranian official said Iran would freeze its nuclear activity until afinal agreement, and refrain from further uranium enrichment ​or expansion ofnuclear facilities.

(Reuters)

Only theheadline is edited by Shafaq News Agency.