Shafaq News- Baghdad/ Erbil

The US dollar closed Monday’s trading higher in Iraq, hovering around 153,000 dinars per 100 dollars.

According to Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 152,950 dinars per 100 dollars, up from the morning session’s 152,500 dinars.

In the Iraqi capital, exchange shops sold the dollar at 153,500 dinars and bought it at 152,500 dinars, while in Erbil, selling prices stood at 152,800 dinars and buying prices at 152,750 dinars.

Shafaq News- Baghdad

The Iraq Stock Exchange (ISX)recorded 120.03 billion Iraqi dinars in trading value during July (roughly$91.2M), up 1.2% from June.

According to market data, morethan 166.66 billion shares were traded during the month, up 54.9%from June, across 21 regular trading sessions.

The ISX60 index closed themonth at 1,041.07 points, marking a 2.1% increase from June’s1,019.39 points, while the ISX15 index fell 0.48% to 1,267.67points from 1,273.79.

Throughout the month, the exchangeexecuted 24,342 sale and purchase contracts, down 8.3%month-on-month, with 85 companies out of 125 listed firms recording tradingactivity.

Shafaq News-Baghdad

Iraq ispressing ahead with plans to build a new pipeline system carrying crude oilthrough two routes, one reaching Fishkhabur on the Turkish border and anotherextending to Baniyas on Syria's Mediterranean coast, as part of a broader pushto reduce dependence on the Strait of Hormuz following its closure sinceFebruary 28.

The OilMinistry said Deputy Minister for Extraction Affairs Nassir Aziz chaired ameeting Monday to discuss the project, which envisions two corridors: Basra–Haditha–Fishkhaburand Haditha–Baniyas. The routes would provide additional export outletsalongside Iraq's main southern terminal, enhancing the flexibility of thecountry's export system and opening multiple marketing options for Iraqi crude,the ministry said in a statement.

Aziz stressedthe importance of accelerating implementation mechanisms and identifyingtechnical requirements, alongside completing negotiations with an internationalconsortium comprising UCC, TI Capital, and Chevron on investing in the projectunder a Build-Operate-Own-Transfer (BOOT) model.

On July 17, a memorandumof understanding signed by Iraq and Syria under US sponsorship to reactivatethe Kirkuk–Baniyas pipeline, enabling Iraqi crude to reach Mediterranean portsthrough Syrian territory.

Read more: Preparatory studies begin on Kirkuk-Baniyas pipeline rehabilitation

Shafaq News-Baghdad/ Erbil

On Monday, goldprices ticked higher in Baghdad and Erbil, hovering around 950,000 IQD permithqal, according to Shafaq News market survey.

Gold prices onBaghdad's Al-Nahr Street recorded a selling price of 940,000 IQD per mithqal(equivalent to five grams) for 21-carat gold, including Gulf, Turkish, andEuropean varieties, with a buying price of 936,000 IQD. The same gold had soldfor 937,000 IQD on Sunday.

The sellingprice for 21-carat Iraqi gold stood at 910,000 IQD, with a buying price of906,000 IQD.

In jewelrystores, 21-carat Gulf gold ranged between 940,000 and 950,000 IQD per mithqal,while Iraqi gold sold for between 910,000 and 920,000 IQD.

In Erbil,22-carat gold was sold at 978,000 IQD per mithqal, 21-carat gold at 935,000IQD, and 18-carat gold at 800,000 IQD.

Shafaq News-Baghdad/ Erbil

The US dollaropened Monday's trading higher in Iraq, hovering around 152,500 dinars per 100dollars in Baghdad and Erbil.

According toShafaq News market survey, the dollar traded in Baghdad's Al-Kifah andAl-Harithiya exchanges at 152,500 dinars per 100 dollars, up from Sunday's152,100 dinars.

In the Iraqicapital, exchange shops sold the dollar at 153,000 dinars and bought it at152,000 dinars.

In Erbil,selling prices stood at 152,500 dinars and buying prices at 152,400 dinars.

ShafaqNews- Basrah

BasrahMedium crude has recovered about 24% from its July low to $57.09 a barrel, butthe Iraqi benchmark remains nearly 58% below its peak earlier this year,according to price data reviewed by Shafaq News on Monday.

The cruderose 3.93%, extending a gradual recovery that began after prices fell to about$46 a barrel in mid-July.

BasrahMedium reached about $135 a barrel in early April, its highest level during theperiod, before a sharp decline set in over the following months.

The fallfrom the April peak to the July low amounted to about $89 a barrel, or roughly66%. Since hitting the July low, the crude has gained about $11 a barrel, or24%, bringing it back above the $57 mark on August 10.

Shafaq News

Gold slipped on Monday as investors tookprofits after prices hit a seven-week high in the previous session, whilemarkets looked to U.S. inflation data for fresh clues on the Federal Reserve'sinterest rate path.

Spot gold was down 0.3% at $4,330.46 perounce, as of 0443 GMT. Prices hit their highest since June 17 on Friday afterweak U.S. nonfarm payrolls data.

"Gold is edging ⁠slightly lower as itsuccumbs to some profit-taking following last week's strong NFP-inspired gains.This looks like a natural stabilisation rather than a meaningful shift insentiment - I expect gold to remain supported above the $4,300 level in thenear term," said Tim Waterer, chief market analyst at KCM Trade.

Data showed the U.S. economy unexpectedlyshed jobs in July and previously reported job gains for the prior two monthswere revised sharply lower.

Futures markets then flipped the odds of arate hike at the September 15-16 Federal Open Market Committee ⁠meeting fromlikelier-than-not to a worse-than-even chance.

A lower interest rate environment boosts theattractiveness of gold against income-generating assets, as bullion itselfearns no interest.

Key U.S. data scheduled for release thisweek include the Consumer Price Index (CPI) on Wednesday and the Producer PriceIndex (PPI) on Thursday.

"Soft readings would ⁠strengthen thecase for a rate hold and clear a path for further upside in gold... Middle Eastuncertainty remains a lingering risk factor, as any renewed escalation thatdrives oil prices up ⁠could quickly pressure the metal," said Waterer.

On the geopolitical front, Iran said it wasnearing a final pact with Oman defining new shipping lanes between them throughthe Strait of ⁠Hormuz but repeated that the U.S. must meet several conditionsbefore the strategic waterway is reopened.

Spot silver rose 0.3% to $63.77 per ounceand platinum gained 0.2% to $1,748.80, while palladium slipped 1% to $1,364.55.

(Reuters)

Only the headline is edited by Shafaq NewsAgency.

Shafaq News

Oil prices rose on Monday as uncertainty persisted over thereopening of the Strait of Hormuz, with Iran saying the United States must meetseveral conditions even as Tehran and Oman moved into the final stages ofagreeing on new shipping lanes.

Brent crude futures rose 84 cents, or 1%, to $84.39 a barrelby 0424 GMT, while U.S. West Texas Intermediate crude futures rose 60 cents, ⁠or 0.75% to $78.77 a barrel.

Both benchmarks had fallen more than 7% last week on hopesthat Iran and Oman were close to reaching a deal that would result in areopening of the Strait of Hormuz, which carried a fifth of the world's oilbefore the war.

While Iran said on Sunday that a deal with Oman was in its"final stages", it reiterated that the waterway would only reopenonce Washington met other conditions, including U.S. compensation forwidespread U.S. attacks on Iran.

"Crude oil prices remain caught between opposing forces,as markets assess the possibility of a breakthrough over the Strait of ⁠Hormuz against Iran'sconditions for reopening the strategic waterway," said Sugandha Sachdeva,founder of SS WealthStreet, a New Delhi-based research firm.

Iran and the U.S. are not engaged in talks and Tehran willnot start them as long as Washington breaches an interim deal signed in June,Iranian Foreign Minister Abbas Araqchi said on Sunday.

Meanwhile, ⁠ina further threat to supply, the Iran-aligned Houthis said they had hit SaudiAramco's Jazan refinery on Sunday.

The attack came two days after the kingdom signed a defencepact with Sunni Muslim allies Turkey and Pakistan in response ⁠to growing regional instabilityfrom the U.S.-Israeli war on Shi'ite Iran.

Separately, the United Arab Emirates' ADNOC said on Fridaythat 15 of its vessels had been attacked transiting the Strait of Hormuz since ⁠the beginning of the conflict.

"Any major progress towards restoring unrestrictedshipping could exert downward pressure on oil prices, while a breakdown innegotiations or renewed supply disruptions could quickly revive thegeopolitical risk premium," Sachdeva said.

(Reuters)

Only the headline is edited by Shafaq News Agency.

Shafaq News- Damascus

Iraq is seeking to reopen border crossings with Syria andstreamline customs procedures to strengthen bilateral trade, Baghdad Chamber ofCommerce board member and foreign relations official Duraid Al-Ghariri said onSunday.

During a meeting with Mohammad Ayman Al-Mawlawi, head of theDamascus and Rif Dimashq (Damascus countryside) Chamber of Industry, Al-Ghariricalled for greater participation in conferences and fairs in bothcountries, particularly the Baghdad International Fair.

Disruptions to shipping through the Strait of Hormuz,coupled with delays and rising maritime transport costs for Iraqis importing from distant markets, particularly China, have created new conditionsthat make cooperation with Syrian industries a strategic option for both sides.

Read more: No exit but Hormuz: Iraq's economic vulnerability exposed

Al-Mawlawi expressed the chamber's readiness to provide servicesfor Iraqi businesses, calling for closer coordination between the Damascus andthe Baghdad chambers to establish direct links between traders andmanufacturers. He also urged joint efforts to facilitate visas for Syrianbusinesspeople and industrialists traveling to Iraq to expand economiccooperation.

Syria and Iraq are seeking to double bilateral trade withintwo years and push commercial exchange above pre-war levels by the end of 2027,Osama Al-Qadi, a senior adviser at Syria’s Ministry of Economy, told ShafaqNews in May. Trade between the two countries reached about $2.2 billion in 2010before declining sharply, while Iraqi Finance Ministry figures showed Syrianexports to Iraq rising from about $58 million in 2024 to nearly $62 million in2025.

According to Abdul Razzaq Habaza, secretary-general of theSyrian Consumer Protection Association, Syrian exporters face high productioncosts, customs obstacles, and competition from imports benefiting from Iraq’scentral bank-backed financing platform. He urged stronger quality controls,customs facilitation, greater support for joint investment, and considerationof a Syrian-Iraqi free trade zone.

Shafaq News- Baghdad/ Erbil

The US dollar closed Sunday’s trading higher in Iraq,hovering around 152,200 dinars per 100 dollars.

According to Shafaq News market survey, the dollartraded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 152,250 dinars per100 dollars, up from the morning session’s 152,100 dinars.

In the Iraqi capital, exchange shops sold the dollarat 152,750 dinars and bought it at 151,750 dinars, while in Erbil, sellingprices stood at 152,350 dinars and buying prices at 152,300 dinars.

Shafaq News- Baghdad

The Iraqi state has recovered an estimated 482.6billion dinars ($371.6M) in stolen assets under its Dawn Crackdownanti-corruption campaign, roughly equivalent to one month of salaries for theForeign Ministry and its diplomatic staff, the Eco Iraq Observatory reported onSunday.

The total comprises about 390.08 billion dinars($300.3M) in cash, including $141 million converted into Iraqi currency, andhalf a ton of gold valued at 185,000 dinars per gram.

According to Eco Iraq, the sum exceeds the monthlypayroll of the Transport, Environment, Migration and Displacement, and Oilministries, and represents roughly half of the Kurdistan Region’s monthlyfederal funding, including public-sector salaries.

Launched nationwide on June 28, the ongoing DawnCrackdown (Sawlat Al-Fajr) targets current and former officials, lawmakers, andbusiness figures suspected of major corruption. The campaign recorded 67detentions in its initial phase, while a Shafaq News review documented another31 officials and public employees arrested in seven cases between July 20 and26 alone.

Read more: Iraqi authorities detain 31 in weekly corruption cases

Shafaq News-Baghdad/ Erbil

On Sunday, gold prices hoveredaround 940,000 IQDper mithqal in Baghdad and Erbil markets, according to a survey by Shafaq NewsAgency.

Gold prices on Baghdad’sAl-Nahr Street recorded a selling price of 937,000IQD per mithqal (equivalent to five grams) for21-carat gold, including Gulf, Turkish, and European varieties, with a buyingprice of 933,000 IQD, unchanged from Saturday.

The selling price for 21-caratIraqi gold stood at 907,000 IQD,while the buying price reached 903,000 IQD.

In jewelry stores, the sellingprice per mithqal of 21-carat Gulf gold ranged between 940,000and 950,000 IQD, while Iraqi gold sold for between 910,000 and 920,000 IQD.

In Erbil, 22-carat gold wassold at 973,000 IQDper mithqal, 21-carat gold at 930,000 IQD, and 18-carat gold at 797,000IQD.

Shafaq News- Baghdad/ Erbil

The US dollar opened Sunday’s trading mixed in Iraq, hoveringaround 152,000 dinars per 100 dollars.

According to Shafaq News market survey, the dollartraded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 152,100 dinars per100 dollars, down from the previous session’s 152,200 dinars.

In the Iraqi capital, exchange shops sold the dollarat 152,500 dinars and bought it at 151,500 dinars, while in Erbil, sellingprices stood at 152,200 dinars and buying prices at 151,150 dinars.

Shafaq News- Baghdad/ Washington

US crude oil imports from Iraq remained at zero lastweek, extending the halt in shipments to a sixth consecutive week, EnergyInformation Administration (EIA) data showed on Sunday.

Canada led suppliers at 4.215 million barrels per day(bpd), followed by Venezuela with 411,000 bpd, Mexico with 388,000, Ecuadorwith 223,000, and Brazil with 196,000. Colombia supplied 158,000 bpd, Libya87,000, and Nigeria 12,000, while Saudi Arabia also recorded no shipments.

Iraq last supplied the US during the week ending June19, averaging 71,000 bpd.

The country lost an estimated 302.8 million barrels ofproduction in the first half of 2026 as the US-Iran war disrupted extractionand exports through the Strait of Hormuz. Iraq, OPEC’s second-largest producer,depends on oil for about 90% of state revenue, leaving its financesparticularly exposed to disruptions along the waterway, which carries roughlyone-fifth of global supplies.

Read more: No exit but Hormuz: Iraq's economic vulnerability exposed

Shafaq News-Baghdad

Kirkukoilfields currently produce 320,000 barrels per day (bpd), with BP's development projecttargeting a peak output of 420,000 bpd, Oil Ministry spokesman Salim al-Rikabisaid Saturday, as Iraq disclosed broader production and export figures amidongoing talks to reopen Hormuz transit routes.

BP's work willinclude rehabilitating and developing Kirkuk oilfields, expanding Northern GasCompany facilities, constructing a 400-megawatt power station, absorbing locallabor, implementing social welfare projects, and developing the technicalcapacity of the North Oil and Northern Gas companies. The projects will alsoeliminate continuous gas flaring by utilizing produced gas as fuel for powerstations, al-Rikabi said, contributing to both economic and environmentalbenefits.

Future planswith BP include expanding cooperation and discussions on a broader explorationproject in the Kirkuk area, he added. The Oil Ministry has already signed aletter of intent with BP and ConocoPhillips to study investment opportunitiesin Kirkuk's oil sector.

On gas, currentproduction from Kirkuk stands at 255 million standard cubic feet per day, withthe project targeting peak gas output of 400 million standard cubic feet perday through investment in associated gas, al-Rikabi said.

Iraq's OilMinister Basim Mohammed Khudair confirmed Saturday that the country iscurrently producing 2.7 million bpd nationwide, with exports ranging between1.5 and 1.7 million barrels daily. Talks are underway with Iran to allow Iraqioil exports through the Strait of Hormuz, though no agreement has yet beenimplemented, he said.

The bulk ofIraq's oil production comes from the southern Basra fields, which include the giantRumaila, West Qurna, Zubair, and Majnoon fields and account for roughly 70-80%of the country's total output. Kirkuk, in northern Iraq, has fields, includingKirkuk Main Field, Bai Hassan, Jambur, and Khabbaz, among the oldest in thecountry.

Read more: Four Iraqi Kirkuk fields target 450K bpd under BP

Shafaq News- Baghdad/ Erbil

The US dollar closed Sunday’s trading lower in Iraq,hovering around 152,200dinars per 100 dollars.

According to a Shafaq News market survey, the dollar tradedin Baghdad's Al-Kifah and Al-Harithiya exchanges at 152,200 dinars per 100dollars, up from the morning session’s 152,000 dinars.

In the Iraqi capital, exchange shops sold the dollar at 152,750dinars and bought it at 151,750 dinars, while in Erbil, selling prices stood at152,400 dinars and buying prices at 152,300 dinars.

Shafaq News- Baghdad

Trillions of Iraqi dinars were withdrawn from state-owned banks during the previous government under former prime minister Mohammed Shia al-Sudani to help finance public-sector salaries amid a fiscal crisis, but the scale and legal basis of the transactions require official scrutiny, a source familiar with the matter told Shafaq News on Saturday.

The withdrawals “exceeded the legal limits” applicable to individual state banks and were made from bank reserves and balances during a period of financial strain to pay government employees.

Read more: Iraq turns to bank borrowing to cover salaries

The source alleged that using bank reserves to finance government spending without formal approvals would violate Iraqi financial regulations and called for a comprehensive financial and legal audit to determine the amounts withdrawn, the legal basis for the transactions, and any administrative or legal responsibility.

Separately, former lawmaker Amir al-Mamouri said in televised remarks that about 118 trillion Iraqi dinars (≈ $90.8B) had been withdrawn from government institutions for projects or other activities without supporting documentation required to complete financial settlements.

No official investigation or audit findings have been released regarding the alleged withdrawals, and the previous government has not publicly responded to the allegations.

Shafaq News- Baghdad

Iraq's Oil Minister Basim Mohammed Khudair confirmed onSaturday that the country is currently producing 2.7 million barrels of oil perday, with exports ranging between 1.5 and 1.7 million barrels daily, revealingthat talks are underway with Iran to allow Iraqi oil exports through the Straitof Hormuz. However, no agreement has yet been implemented.

Despite challenges linked to the strait, the ministry hasmanaged to secure oil products for citizens, Khudair said at a pressconference, and "the ministry is working to develop the oil industry,increase production and exports, build infrastructure, boost investment, andattract global companies to invest in oil and gas optimally."

The exploration teams affiliated with the ministry, according to Khudair, are conducting surveys in several provinces to offset depleted reserves,and the ministry is pursuing two parallel tracks on the gas file:ending gas flaring and investing in gas fields. "Iraq spends large sums ongas, so we are working to invest in it, with 14 contracts awarded to globalcompanies for this purpose.”

Khudair considered the presenceof American firms in Iraq “reflects the attractiveness of the country'sinvestment environment,” and his recent visit to the United States, along with PM Ali Al-Zaidi, marked “anew chapter of cooperation with global companies.”

Global companies are capable of training Iraqi personnel andcontributing to infrastructure development, as well as attracting large numbersof workers, Khudair stated, noting that the ministry signed memoranda ofunderstanding and contracts covering seven provisions, including two contractsfor developing fields and investing in associated oil and gas, alongside anannex to the Qurna-2 agreement and the Nasiriyah project and four blocks.

The minister added that three memoranda of understandingsigned with American companies would provide significant investment capacity, pointingalso to a step related to an export project through the port of Aqaba with Jordan.

The Basra-Fishkhabour pipeline project, the minister added, will be built under abuild-operate-transfer (BOT) system, with a company handling construction andoperation under an investment arrangement. "Currentoil output cannot reach previous levels, but exports could return toprior volumes once the war ends."

On the oil agreement with Turkiye, Khudair said the deal hadbeen renewed with certain conditions, while Ankara had proposed limiting thearrangement to oil transport with Iraqi participation in some projects, clarifyingthat the planned quantity of 700,000 barrels cannot be supplied through Kirkuk.

Regarding the oil and gas file in the Kurdistan Region ofIraq (KRI), Khudair confirmed the existence of a tripartite agreement betweenthe federal government, the region, and oil companies, which can be amendedthrough negotiation. The ministry does not differentiate between citizens inKurdistan and those in any other province, he stressed. “The KRI file requiresextensive dialogue, with continued negotiation essential to reaching solutionsthat serve the national interest.” 

Read more: Iraq-US investment deals depend on implementation, experts say

Shafaq News- Baghdad/ Erbil

On Saturday, gold priceshovered around 930,000 IQD per mithqal in Baghdad and Erbil markets,continuing their upward trend, according to a survey by Shafaq News Agency.

Gold prices on Baghdad's Al-NahrStreet recorded a selling price of 937,000 IQD per mithqal (equivalentto five grams) for 21-carat gold, including Gulf, Turkish, and Europeanvarieties, with a buying price of 933,000 IQD. The same gold had soldfor 920,000 IQD on Thursday.

The selling price for 21-caratIraqi gold stood at 907,000 IQD, with a buying price of 903,000IQD.

In jewelry stores, the selling priceper mithqal of 21-carat Gulf gold ranged between 940,000 and 950,000IQD, while Iraqi gold sold for between 910,000 and 920,000 IQD.

In Erbil, 22-carat gold wassold at 973,000 IQD per mithqal, 21-carat gold at 930,000 IQD,and 18-carat gold at 797,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar opened Saturday's trading lower in Iraq, hovering around 152,000 dinars per 100 dollars in Baghdad and Erbil.

According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 152,000 dinars per 100 dollars, down from Thursday's 152,050 dinars.

In the Iraqi capital, exchange shops sold the dollar at 152,500 dinars and bought it at 151,500 dinars.

In Erbil, selling prices stood at 152,150 dinars and buying prices at 152,050 dinars.

Shafaq News- Basrah

Basrah Heavy and Medium crude posted weekly losses of $1.42 a barrel, or 2.56% and 2.49%, respectively, despite rising in the final trading session, while global oil prices closed lower.

Basrah Heavy gained $2.16 a barrel, or 4.10%, in the final session to settle at $54.79. Basrah Medium also rose $2.16 a barrel, or 3.92%, to close at $57.09.

Global oil futures ended the session lower. West Texas Intermediate fell $0.23, or 0.30%, to $77.06 a barrel, while Brent declined $0.30, or 0.36%, to $82.19.

Shafaq News- Baghdad

Iraq's currency issuance rose 13.8 percent in the first five months of 2026, reaching about 113.56 trillion Iraqi dinars (about $86B) by the end of May, an increase of 13.761 trillion dinars from the close of 2025 (about $10.4B), the financial and economic adviser to the prime minister, Mudhhir Mohammed Salih, told Shafaq News.

Salih said the rise was an exceptional response to a sharp fall in oil revenue, not a monetary expansion meant to stimulate demand.

Currency issuance refers to the total value of banknotes the Central Bank of Iraq has put into circulation. The figure stood at 99.799 trillion dinars at the end of December 2025, according to data tracked by Shafaq News.

The measure climbed to 101.431 trillion dinars in January 2026, 104.614 trillion in February, 108.985 trillion in March, and 112.896 trillion in April, before reaching 113.560 trillion in May, according to the Shafaq News survey. The largest monthly rise came in March, at about 4.371 trillion dinars, followed by 3.911 trillion in April.

The expansion coincided with a financial crisis tied to a steep drop in oil exports, Salih said. Iraqi exports fell to about 15 percent of their usual levels as a result of the Strait of Hormuz conflict —the waterway through which Iraq shipped about 95% of its total oil exports— before recovering to around 30 percent. The issuance met the government's need for liquidity to cover public-sector salaries and essential spending amid the revenue shortfall, rather than to expand demand, he added.

Read more: Iraq turns to bank borrowing to cover August salaries amid oil-revenue collapse

Most of those funding needs were met by widening domestic public debt through treasury bills, which state banks bought and then rediscounted at the central bank; as a result, the bank now holds more than 60 percent of government debt instruments in its investment portfolio, according to Salih.

Salih described the rise as "an exceptional response to a temporary external financial shock," rather than a sign of monetary or financial breakdown.

The risk of the expansion should be judged by monetary stability indicators rather than the size of issuance alone, Salih said. Foreign reserves still covered the money supply above the 75 percent threshold that international practice treats as a marker of a sound monetary position, and annual inflation held steady at about 4.5 percent, indicating the increase had not yet translated into broad inflationary pressure.

Read more: Delayed 2026 budget pushes Iraq toward 2027 plan

Sustaining the path over a long period carries growing risks, Salih cautioned. Repeated reliance on monetizing public debt through the central bank could generate inflationary pressure over time, or erode reserve coverage, if oil revenue does not recover sufficiently. “Monetary policy in the next phase would depend, in coordination with fiscal policy, on preserving reserve adequacy, limiting monetary financing of the deficit, and rebuilding balance between public revenue and government spending as oil conditions improve.”

The pace slowed at the end of the period, with the monthly increase falling to about 664 billion dinars in May, according to Shafaq News survey.

*1 US dollar = 1310 dinars

Shafaq News- Damascus

Syria exported more than 2 million metric tons of Iraqi oilthrough Baniyas Port under the transit system since the beginning of the year,the Syrian General Authority for Land and Sea Border Crossings stated onThursday.

About 30 tankers carrying fuel oil and refined petroleumproducts transported the shipments through the port, which received 108 tankersloaded with about 3.23 million metric tons of various petroleum products sincethe beginning of 2026.

Read more: Kirkuk–Baniyas Pipeline: Iraq’s direct oil lifeline to the Mediterranean

Last month, Iraq and Syria signed a US-sponsored memorandumof understanding to restart the Kirkuk-Baniyas oil pipeline, paving the way forIraqi crude exports to Mediterranean ports through Syrian territory. Theproject, according to Iraqi authorities, aims to diversify Iraq's export routes and strengthen economiccooperation between the two countries.

Read more: Preparatory studies begin on Kirkuk-Baniyas pipeline rehabilitation

Shafaq News- New Delhi

India's Reliance Industries has agreed to pay a record $23million to $25 million to charter a supertanker to transport Iraqi crude oil,highlighting soaring shipping costs and a shortage of vessels operating in theGulf, three shipping sources told Reuters on Thursday.

Reliance booked the tanker to load 2 million barrels ofIraqi crude at 1,200 World Scale, equivalent to about 12 times the benchmarkfreight rate. Before the US-Iran war began in late February, similar voyagestypically cost around $2 million, or 0.8 to 0.9 times the benchmark rate. Thetanker will be supplied by South Korea's Sinokor, one of the few shipownersthat continues to operate through the waterway despite growing security risks.

Despite the record freight costs, the sources said Relianceis still expected to save millions of dollars because Iraq's state oil marketerSOMO is offering crude at discounts of $25 to $30 per barrel against Dubaibenchmarks to encourage buyers to lift cargoes from terminals in Hormuz.

A day earlier, Reuters reported that shipping trafficthrough the strait had fallen sharply as markets monitored Iran-Oman talks onreopening the strategic waterway. Vessel-tracking data showed only 33 shipstransited the strait between Monday and Thursday, down from 50 during the sameperiod a week earlier.

Iraq's oil revenues have declined sharply this year. SOMOfigures showed the country earned $18.679 billion from exporting 268.1 millionbarrels of crude in the first half of 2026, compared with more than 606 millionbarrels exported during the same period of 2025.

Shafaq News

Gold rose more than 1% on Friday ‌and was set for itsbiggest weekly gain since January, helped by weaker oil prices, while investorsawaited key U.S. nonfarm payrolls data for clues on the interest rate outlook.

Spot gold was up ​1.1% at $4,285.89 per ounce, by 0635GMT, after hitting a seven-week high on ​Thursday. Prices gained 6% for theweek.

U.S. gold futures rose 1.1% to $4,344.90.

Hopes ⁠of peace in the Middle East pushed inflationexpectations lower, allowing gold to ​surge from a multi-week consolidationabove $4,000, said Matt Simpson, a senior analyst at StoneX.

U.S. President Donald ​Trump told reporters that hebelieved the war with Iran would be over soon.

Crude oil prices were headed for a weekly loss. Lowerenergy prices help ease inflation concerns and reduce expectations ofhigher-for-longer ​interest rates. Gold is an inflation hedge, but elevatedinterest rates tend to weigh ​on its appeal as it offers no yield.

The U.S. Labor Department's nonfarm payrolls reportfor July is ‌due ⁠at 1230 GMT.

"Regardless of how NFP plays out, $4,000 hasproven to be a solid support level - and I suspect bulls are waiting for dipsto take advantage of a much-needed correction higher towards $4,600. NFP mayprovide some noise over the near term, but ​price action has spoken, ​and goldlooks like ⁠it wants to rally," Simpson added.

Traders currently see a 55% chance of a U.S. rate hikein September, according to the ​CME FedWatch Tool.

"Going into August, we are somewhat friendliertowards gold ​and expect ⁠a wider trading band to set in," Marex said in anote.

Silver prices are testing the upper end of a tradingrange that has held for nearly two months, and a ⁠breakout ​could pave the waytowards $68, it said.

Spot silver climbed ​3.3% to $63.48, platinum rose1.5% to $1,755.90 and palladium gained 0.3% to $1,374.30. All three metals wereheaded for weekly ​gains.

(Reuters)

Only the headline is edited by Shafaq News Agency.