Shafaq News- Baghdad

Iraq ranked fourth among OPEC members in completed well drilling activity during 2025, according to new OPEC data showing continued momentum in the country’s oil sector despite trailing the Gulf producers leading the organization.

Kuwait topped the list with 755 completed wells, followed by the United Arab Emirates with 444 and Saudi Arabia with 383, while Iraq recorded 280 wells during the year.

The data also pointed to improving global demand for transport-related fuel products in 2025, with diesel demand rising by 0.39%, gasoline by 0.34%, and jet fuel by 0.29%.

Residual fuel demand, however, declined by 0.19%, reflecting shifting consumption patterns as road and air transport activity continued to recover alongside expanding global trade and tourism.

Shafaq News- Baghdad/ Erbil

The US dollar closedWednesday’s trading mixed in Iraq, hovering around 154,000 dinarsper 100 dollars.

According to Shafaq News marketsurvey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,800dinars per 100 dollars, unchanged from the morning session.

In the Iraqi capital, exchange shopssold the dollar at 154,250 dinars and bought it at 153,250 dinars,while in Erbil, selling prices stood at 153,550 dinars and buying pricesat 153,450 dinars.

Speaking to Shafaq News, JabbarGoran, spokesperson for the currency market in al-Sulaymaniyah, Iraqi Kurdistan,expected the formation of Iraq’s new government to help lower the dollarexchange rate against the dinar in local markets, citing anticipated “USsupport” that could positively affect the financial market.

Goran predicted the exchange ratecould fall below 150,000 dinars per 100 dollars in the coming period ifregional conditions stabilize. He added that the gap between the officialexchange rate of 132,000 dinars and the market rate should normally remainwithin 12,000 to 13,000 dinars.

Shafaq News- Amman/ Baghdad

Jordan’s electricity exports to Iraq through the Trebil border crossing increased by 13% during the first four months of 2026, according to data released Wednesday by Jordan’s National Electric Power Company (NEPCO).

Exports to the border center reached 2.6 gigawatt-hours between January and April, up from 2.3 GWh during the same period last year. NEPCO’s total electricity sales rose 3.5% year-on-year to 7,683.2 GWh from 7,420.6 GWh, while Jordan’s overall electricity exports increased 24.7% to 124.2 GWh from 99.6 GWh, with supplies distributed between Iraq and Palestine.

The increase comes as Iraq seeks alternative electricity sources to ease pressure on its national grid amid recurring summer shortages and disruptions in imported Iranian gas supplies. Iraqi Electricity Ministry spokesperson Ahmed Mousa Al-Abadi previously told Shafaq News that interruptions in Iranian gas supplies had knocked more than 3,000 MW off the national grid.

Earlier today, Diyala’s Electricity Distribution Branch stated that the province was receiving just 500 megawatts against demand exceeding 2,400 MW during peak summer consumption.

Read more: Iraq power 2026: war on Iran collapses grid ahead of peak summer

Shafaq News- Paris

Global oil inventories fell by 246million barrels in March and April as the US-Israeli war on Iran anddisruptions in the Strait of Hormuz caused one of the sharpest supply shocks inmodern energy markets, the International Energy Agency (IEA) said on Wednesday.

In its monthly oil market report,the Paris-based agency warned that shrinking crude supplies were outpacing thedecline in global demand, with inventories and available supply falling at apace approaching 4 million barrels per day (bpd).

The conflict had already removed orstranded more than 1 billion barrels of Middle Eastern oil supplies, whiledisruptions linked to the war were expected to weaken global oil demand byaround 420,000 bpd this year due to higher prices and slowing economic growth.

Oil markets have remained volatilesince Iran tightened restrictions on traffic through the Strait of Hormuz, achokepoint carrying roughly one-fifth of global oil and gas flows. Brent crudeprices rose more than 3% earlier this week to trade above $107 per barrel.

Read more: Iraq's energy vulnerability: When a petro-state has no buffer

Shafaq News- Baghdad/ Erbil

On Wednesday, gold priceshovered around 1 million IQD per mithqal in Baghdad and Erbil markets,holding steady, according to Shafaq News Agency survey.

Gold prices on Baghdad's Al-NahrStreet recorded a selling price of 1,015,000 IQD per mithqal (equivalentto five grams) for 21-carat gold, including Gulf, Turkish, and Europeanvarieties, with a buying price of 1,011,000 IQD. The same gold had soldfor 1,015,000 IQD on Tuesday.

The selling price for 21-caratIraqi gold stood at 985,000 IQD, with a buying price of 981,000IQD.

In jewelry stores, the selling priceper mithqal of 21-carat Gulf gold ranged between 1,015,000 and1,025,000 IQD, while Iraqi gold sold for between 985,000 and995,000 IQD.

In Erbil, 22-carat gold wassold at 1,048,000 IQD per mithqal, 21-carat gold at 1,000,000IQD, and 18-carat gold at 857,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar openedWednesday’s trading lower in Iraq, hovering around 154,000 dinarsper 100 dollars.

According to Shafaq News marketsurvey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,800dinars per 100 dollars, down from the previous session’s 154,250 dinars.

In the Iraqi capital, exchange shopssold the dollar at 154,250 dinars and bought it at 153,250 dinars,while in Erbil, selling prices stood at 153,700 dinars and buying pricesat 153,600 dinars.

Shafaq News- Basrah

Iraq’s Basrah crude fell nearly 7% on Wednesday, amid declines in global oil markets.

Basrah Medium crude fell to $110.07 per barrel, down 6.79%, while Basrah Heavy crude dropped to $107.97 per barrel, losing 6.91%.

Brent crude futures fell $1.22, or 1.1%, to $106.55 per barrel, while US West Texas Intermediate declined $1.16, or 1.1%, to $101.02.

The decline followed a three-day rally, amid investor anticipation over developments surrounding the fragile Middle East ceasefire, alongside preparations for a summit between US President Donald Trump and Chinese President Xi Jinping in Beijing.

Shafaq News

Gold prices extended losses on Wednesday as uncertainty in the ‌Middle East and stronger-than-expected U.S. inflation data dimmed hopes for Federal Reserve rate cuts, with focus also on the Trump-Xi summit this week.

Spot gold fell 0.1% to $4,710.37 per ounce, as of 0613 GMT, retreating further from a three-week high in the last session. U.S. gold futures for June delivery gained 0.7% to $4,717.50.

"Inflation data out of the U.S. has really watered down hopes, if not ⁠extinguished them, that there will be rate cuts from the Fed, and now the markets are kind of pricing in that the next move could be a hike as soon as the end of the year. So it kind of puts some downward pressure on gold," said Kyle Rodda, a senior financial market analyst at Capital.com.

Data showed that U.S. consumer inflation increased further in April, with the annual rate posting its largest gain in three years, further reducing hopes that the Fed will cut interest rates this year.

Traders have largely priced out a Fed rate cut ‌this year, ⁠with markets now seeing a 30% chance of a hike by December, according to CME Group's FedWatch tool.

Investors are looking ahead to the Producer Price Index, scheduled for release later in the day, and a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing, scheduled to run from Thursday to ⁠Friday.

Trump said on Tuesday he does not think he will need China's help to end the war with Iran, even as hopes for a lasting peace deal dwindled and Tehran tightened its grip over the Strait ⁠of Hormuz.

Meanwhile, Indian gold and silver futures jumped after New Delhi raised import tariffs on the metals to 15% from 6% as part of efforts to curb overseas purchases and ease pressure on ⁠the country's foreign exchange reserves.

Spot silver was steady at $86.53 per ounce, after hitting its highest level since March 11 earlier in the session. Platinum slid 0.3% to $2,120.29, and palladium was up 0.1% at $1,492.75.

(Reuters)

Only the headline is edited by Shafaq News Agency.

Shafaq News

Oil prices fell on Wednesday, snapping a three-day rally as investors awaited developments around the fragile Middle East ceasefire and braced for a high-stakes summit in ‌China between U.S. President Donald Trump and President Xi Jinping.

Brent crude futures dropped $1.22, or 1.1%, to $106.55 a barrel at 0410 GMT. U.S. West Texas Intermediate futures fell $1.16, or 1.1%, to $101.02.

Both benchmarks have largely hovered around or above the $100 per barrel mark since the U.S. and Israel began attacks on Iran at the end of February and Tehran effectively shut the Strait of Hormuz.

"Concerns over supply disruptions and uncertainty surrounding the Middle East are keeping oil prices well supported, even as traders ⁠struggle to establish a clear direction," said Priyanka Sachdeva, senior market analyst at Phillip Nova.

"The market remains highly reactive to every update from the region, meaning sharp swings are likely to persist. Any further escalation or direct threat to supply flows could quickly revive strong upside momentum in both Brent and WTI," added Sachdeva.

Oil prices rose by over 3% on Tuesday, extending earlier gains as hopes for a lasting U.S.-Iran ceasefire faded, dimming prospects of re-opening the strait, through which about a fifth of global oil and liquefied natural gas normally flows.

Trump said on Tuesday he does not think he will need China's help to end the war with Iran, even as hopes for a lasting peace deal dwindled and Tehran tightened its grip over the strait.

China is the biggest buyer of ‌Iranian oil ⁠despite pressure from the Trump administration. Trump meets his Chinese counterpart Xi in Beijing on Thursday and Friday.

"The length of the disruption and the scale of the supply loss - already more than 1 billion barrels - means oil prices are likely to remain above $80 per barrel for the rest of the year," Eurasia Group said in a client note.

The war with Iran has started to take its toll on the U.S. economy, ⁠the world's biggest, as higher oil prices lead to more expensive fuels, and economists expect to see second-round effects in the months ahead.

In April, U.S. consumer prices rose sharply for a second straight month, resulting in the largest annual increase in inflation in nearly three years, bolstering expectations that ⁠the Federal Reserve would keep interest rates flat for a while.

"The marked increase in inflation across advanced economies has yet to cause real spending to contract, but the widespread decline in consumer sentiment and hiring intentions points to worse to come," the Capital ⁠Economics said in a client note.

Elevated interest rates make borrowings more expensive, potentially denting demand for oil.

As the Iran war continues, U.S. crude oil inventories fell for a fourth straight week last week and distillate inventories also declined, according to market sources citing American Petroleum Institute data.

(Reuters)

Only the headline is edited by Shafaq News Agency.

Shafaq News- Baghdad

Iraq and Pakistan have reached separate arrangements with Iran to move crude oil and liquefied natural gas through the Gulf, according to sources cited by Reuters, as regional conflict continues to disrupt global energy flows.

An Iraqi oil ministry official familiar with the talks told Reuters that Baghdad is seeking Iranian approval to increase tanker traffic through the Strait of Hormuz in an effort to protect oil revenues that make up nearly 95% of Iraq’s state budget. “Iraq is a close ally of Iran, and any deterioration in Iraq’s economy would also damage Iran’s economic interests in the country,” the official said.

A second Iraqi oil ministry source and a shipping industry source also confirmed continued coordination with Tehran. Reuters reported that Iraq secured the passage of two supertankers carrying around two million barrels of crude each through Hormuz on Sunday.

Pakistan, meanwhile, arranged the transit of two Qatari LNG cargoes under a separate understanding with Iran to help meet rising summer electricity demand.

According to the report, neither Iraq nor Pakistan made direct payments to Iran or the Islamic Revolutionary Guard Corps (IRGC) for the transit arrangements.

The agreements come as the US-Israeli war with Iran and the US blockade on Iranian ports continue to strain exports from a region that typically supplies around one-fifth of the world’s crude oil and liquefied natural gas.

Read more: Iraq's oil lifeline is blocked

Shafaq News- Baghdad

The Central Bank of Iraq (CBI) iscontracting an independent audit firm to assess which banks have met the firstphase of its banking reform program, a step that could restore their access toforeign currency transfer channels, the bank announced Tuesday.

CBI said it continues to work withrestricted institutions to help them meet supervisory requirements, whilecompliant banks await the independent assessment that will determine whethertheir access is restored. The bank did not name the audit firm or provide atimeline for completion.

The restrictions trace back to 2023,when the US Federal Reserve and Treasury Department flagged dozens of Iraqiprivate banks for transactions suspected of facilitating dollar flows to Iranand other sanctioned parties. Washington responded by cutting those banks offfrom the dollar correspondent banking system, a move that effectively frozetheir ability to conduct international transfers. The CBI subsequently launchedits reform program as a framework for restoring access to banks that coulddemonstrate compliance with international standards.

Iraqi banks are now completing thesecond phase of that program, which centers on governance, transparency, andinstitutional performance. The incoming independent audit will evaluate banksthat cleared phase one against international transfer requirements, coveringnot only dollar channels but also euro, UAE dirham, and Chinese yuan access.

Shafaq News-Baghdad/ Erbil

The US dollarclosed lower against the Iraqi dinar in Baghdad on Tuesday, falling by 200dinars in the capital's main exchanges during the day's trading.

According toShafaq News market survey, exchange rates at Baghdad's Al-Kifah andAl-Harithiya central stock exchanges settled at 154,050 dinars per $100,compared with 154,250 dinars earlier in the day.

Selling pricesat local exchange shops in Baghdad reached 154,500 dinars per $100, whilebuying prices stood at 153,500 dinars.

In Erbil, thedollar was unchanged from the morning session, with selling prices at 153,750dinars per $100 and buying prices at 153,650 dinars.

Shafaq News- Baghdad/ Washington

Iraq’s crude oil exports to the United States fell by nearly half within one month despite the country maintaining oil production above 4 million barrels per day (bpd), according to US Energy Information Administration (EIA) data released on Tuesday.

The country exported 3.210 million barrels of crude oil to the United States in March, down from 6.448 million barrels in February. Weekly Iraqi exports averaged 109,000 bpd in the first week of April before falling to 48,000 bpd in the second week, rising to 195,000 bpd in the third week, then declining to 76,000 bpd in the fourth week.

Iraq ranked sixth among the largest crude exporters to the United States after Canada, Saudi Arabia, Mexico, Venezuela, and Colombia, and second among Arab suppliers after Saudi Arabia, whose exports reached 9.540 million barrels. The United States imported no crude oil from Libya during the same period.

Globally, oil output remains led by the United States, Saudi Arabia, Russia, and Iraq, OPEC’s second-largest producer, while demand continues to hold near 100 million to 105 million bpd, according to International Energy Agency data.

Shafaq News- Baghdad

Iraq on Tuesday resumed condensate exports after regional shipping disruptions forced a halt to loading operations, with Basra Gas Company exporting 50,000 cubic meters, or roughly 314,000 barrels, aboard the tanker Dakush.

In a statement, Deputy Minister for Gas Affairs Izzat Saber Ismail said the shipment was completed successfully and in line with approved technical and commercial standards following efforts to restore export operations.

Regional instability disrupted tanker movements and export operations across the Gulf after Iran closed the Strait of Hormuz during the conflict. The United States later imposed a naval blockade in the waterway, sharply reducing commercial shipping traffic through one of the world’s most critical energy corridors.

The Strait of Hormuz carries roughly 20 million barrels of oil per day, accounting for nearly one-fifth of global petroleum consumption. The International Energy Agency warned that disruptions in the waterway posed one of the most severe supply shocks to hit global energy markets in decades.

Read more: Iraq's oil lifeline is blocked: Here is why the crisis runs deeper than Hormuz

Oil revenues account for more than 90% of Iraq’s state income, with most exports shipped through southern terminals near Basra. Ismail expressed hope that tanker loading and export flows would continue normally in the coming days, helping stabilize export operations and fulfill contractual obligations.

Read more: Iraq’s oil bottleneck: Abundance trapped by dependency

Shafaq News- Basrah

Iraq’s Basrah crude climbed nearly5% on Tuesday, amid continued gains in global oil markets.

Basrah Medium crude rose to $118.09per barrel, up 4.85%, while Basrah Heavy crude climbed to $115.99 per barrel,gaining 4.94%.

Brent crude futures advanced$2, or 1.9%, to $106.21 per barrel, while US West Texas Intermediate gained$2.31, or 2.4%, to $100.38.

In Gulf markets, UAE Murban cruderose to $103.60 per barrel, up 4.84%, while Saudi Arabia’s Arab Super Lightclimbed to $113.67 per barrel, gaining 5.28%. Arab Light crude reached $113.17per barrel, up 5.30%, while Kuwait Export crude stood at $114.23 per barreldespite a 5.18% decline.

UAE Upper Zakum crude climbed 6.66%to $100.25 per barrel, while Qatar’s Al-Shaheen crude posted the same increase.

Shafaq News- Baghdad/ Erbil

On Tuesday, gold priceshovered around 1 million IQD per mithqal in Baghdad and Erbil markets,according to Shafaq News Agency survey.

Gold prices on Baghdad's Al-NahrStreet recorded a selling price of 1,015,000 IQD per mithqal (equivalentto five grams) for 21-carat gold, including Gulf, Turkish, and Europeanvarieties, with a buying price of 1,011,000 IQD. The same gold had soldfor 1,010,000 IQD on Monday.

The selling price for 21-caratIraqi gold stood at 985,000 IQD, with a buying price of 981,000IQD.

In jewelry stores, the selling priceper mithqal of 21-carat Gulf gold ranged between 1,015,000 and1,025,000 IQD, while Iraqi gold sold for between 985,000 and995,000 IQD.

In Erbil, 22-carat gold wassold at 1,048,000 IQD per mithqal, 21-carat gold at 1,000,000IQD, and 18-carat gold at 857,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar openedTuesday’s trading higher in Iraq, hovering around 154,000 dinarsper 100 dollars.

According to Shafaq News marketsurvey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,250dinars per 100 dollars, up from the previous session’s 154,200 dinars.

In the Iraqi capital, exchange shopssold the dollar at 154,750 dinars and bought it at 153,750 dinars,while in Erbil, selling prices stood at 153,750 dinars and buying pricesat 153,650 dinars.

Shafaq News

Oil prices rose nearly 1% on Tuesday as talks to end the U.S.-Israeliwar on Iran appeared fragile, with Tehran's response to a Washington proposalhighlighting stark differences that have kept supply concerns alive.

Brent crude futures were up 86 cents, or 0.8%, at $105.07per barrel, while U.S. West Texas Intermediate gained 99 cents, or 1%, to$99.06 at 0411 GMT. Both benchmarks increased nearly 2.8% on Monday.

U.S. President Donald Trump on Monday said the ceasefirewith Iran was "on life support," pointing to ⁠disagreements over several demands, such as thecessation of hostilities on all fronts, the removal of a U.S. naval blockade,the resumption of Iranian oil sales and compensation for war damage.

Tehran also emphasized its sovereignty over the Strait ofHormuz, through which about a fifth of global oil and liquefied natural gasflows.

"Optimism regarding an imminent (peace) deal seems tobe fading again and if we don’t see a deal by the end of May, then upside risksfor oil prices are definitely on the table," said DBS Bank energy sectorteam lead Suvro Sarkar.

Disruptions linked to the near-closure of the strait haveprompted producers to curtail exports, with a Reuters survey on ⁠Monday showing OPEC oil outputin April fell to its lowest level in more than two decades.

"A genuine breakthrough toward a peace deal couldtrigger a sharp $8-$12 correction, while any escalation or renewed blockadethreats would quickly push Brent back toward $115+," said Tim Waterer,chief market analyst at KCM Trade.

Saudi Aramco (2222.SE), CEO Amin Nasser on Monday warned thatdisruptions to oil exports through ⁠thestrait could delay a return to market stability until 2027, with the loss ofabout 100 million barrels of oil per week.

Elsewhere on the supply front, U.S. crude stocks wereforecast by analysts in a Reuters poll to be down by ⁠around 1.7 million barrels in the previous week.

The draw comes against "a backdrop of continued strongnet waterborne export flows for crude and products, across the next severalweeks," said Walt Chancellor, an energy strategist at Macquarie ⁠Group.

Meanwhile, market participants were also keeping a close eyeon Trump's planned meeting with Chinese President Xi Jinping on Wednesday,after Washington imposed sanctions on three individuals and nine companies forfacilitating Iranian oil shipments to China.

(Reuters)

Only the headline is edited by Shafaq News Agency.

Shafaq News- Basra

The first phase of Iraq’s Shams Basra solar powerproject entered operational service with a capacity of 250 megawatts, while thesecond phase is expected to launch in July, raising output to 500 megawatts beforereaching its full capacity of 1,000 megawatts, a project official told ShafaqNews on Monday.

Project director Haider Issa said Shams Basra, implemented by TotalEnergies in cooperation with Iraq’sElectricity Ministry, is among the Middle East’s major strategic renewableenergy projects due to its scale and the vast area it covers, estimated ataround 9,000 dunams (about 2,220 acres).

“Regional conditions and fluctuations inmaritime traffic through the Strait of Hormuz delayed the arrival of someequipment and materials required for the project, though work remains ongoing,”he stated.

In December 2025, Iraq signed a renewable energy agreement with a US–UKcompany to develop a 3,000-megawatt solar power project supported by 500megawatts of battery storage and 1,000 kilometers of high-voltage transmissionlines, as part of broader efforts to diversify electricity sources.

Iraq continues to rely on oil and gas to power its electricity sector, adependence that has contributed to chronic shortages, expected to reach 11 gigawatts during peak summerdemand in 2026, and left the country vulnerable to fuel supplydisruptions and sanctions-related pressures tied to Iranian gas imports. At thesame time, renewable energy still accounted for only 1.17% of Iraq’selectricity mix by the end of 2024, placing the country fifth among Arab stateswith the lowest reliance on renewables energy.

Read more: Iraq power 2026: war on Iran collapses the grid's last defenses ahead of peak summer

Shafaq News- Baghdad

Trading activity on Iraq’s stock market surged last week,with the value of shares exchanged surpassing 7.529 billion Iraqi dinars($5.79M), according to data from the Iraq Stock Exchange on Monday.

Out of 104 listed firms, 68 recorded trading activity, while28 saw no deals due to a mismatch between buy and sell orders. Another eightcompanies remained suspended over missing disclosure requirements.

Total traded shares reached 17.743 billion, marking a 352%increase compared with the previous week. The value of executed transactionsrose 23% week-on-week, across 5,976 deals.

Market performance showed modest gains, with the ISX60 indexclosing at 987.37 points, up 0.44% from the previous session.

Foreign investor activity reflected mixed flows. Purchasestotaled 7 million shares worth 42 million Iraqi dinars ($30K) through 31transactions, while sales reached 22 million shares valued at 97 million Iraqidinars ($80K) across 87 transactions.

Operating five sessions per week from Sunday throughThursday, the Iraq Stock Exchange lists more than 100 companies spanning acrossbanking, telecommunications, industry, agriculture, insurance, investment,tourism, hotels, and services sectors.

Shafaq News- Al-Hasakah

A new convoy of Iraqi fuel tankers entered Syrian territoryon Monday through the Rabia-Al-Yarubiyah border crossing in Al-Hasakah province,northeastern Syria, as part of transit operations aimed at re-exporting Iraqifuel to global markets.

More than 50 tankers loaded with fuel oil entered Syria andheaded toward the coastal city of Baniyas.

Last week, a customs source told Shafaq News that trafficthrough the Rabia-Al-Yarubiyah crossing ranged between 15 and 40 oil tankertrucks per day.

The crossing reopened on April 22 after a 13-year closurecaused by security challenges during the fight against ISIS, as well asshifting control and coordination issues along the frontier. Since then, Iraqiand Syrian authorities have moved to rehabilitate several crossings, includingAl-Waleed and Al-Yarubiyah, to restore trade routes and facilitate the movement of goodsand travelers.

Shafaq New- Baghdad/ Erbil

The US dollar closed Monday’strading mixed in Iraq, hovering around 154,000 dinars per 100dollars.

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

In the Iraqi capital, exchange shopssold the dollar at 154,750 dinars and bought it at 153,750 dinars,while in Erbil, selling prices stood at 153,750 dinars and buying pricesat 153,650 dinars.

Shafaq News- Najaf

Authorities in Iraq’s Najaf provincehave officially canceled plans for the Al-Uwayqilah border crossing with SaudiArabia and replaced it with the Al-Hakim border crossing project.

Shahid Al-Aridhi, adviser to theNajaf governor for industrial affairs, told Shafaq News on Monday that acommittee had been formed to inspect the proposed crossing site and the roadleading to it alongside relevant government agencies to assess implementationrequirements.

The new crossing route lies about 78kilometers from the previously proposed Al-Uwayqilah site and is located closerto Najaf city at the end of Iraq’s overland Hajj (Muslim pilgrimage) route,giving the project, according to the official, “strategic commercial importance.”

The Al-Hakim crossing and adjacentfree trade zone have been awarded to the Iraq-based Alrida Holding for Investment,which will also construct the crossing’s infrastructure and the connecting roadnetwork. About 227 kilometers of the Hajj road have already been paved, whileanother 212 kilometers remain under construction.

Iraqi authorities are awaitingofficial approval from Saudi Arabia before completing procedures to open andoperate the crossing.

Iraq and Saudi Arabia currentlyshare two land crossings: the Arar crossing in western Iraq, reopened in 2020after nearly three decades of closure, and the Al-Jamima crossing in southern Al-Muthanna province, historically used as a major Hajj route for pilgrimstraveling through Iraq to Saudi Arabia.

Shafaq News- Baghdad/ Erbil

Gold prices fell Monday in Baghdad and Erbil markets,hovering around the million-dinar mark, according to Shafaq News marketsurvey.

On Baghdad's Al-Nahr Street, wholesale markets recorded aselling price of 1.010 million IQD per mithqal (equivalent to five grams) for21-carat Gulf, Turkish, and European gold, with a buying price of 1.060 millionIQD, down from the previous session's 1.017 million IQD.

Iraqi 21-carat gold sold at 980,000 IQD per mithqal, with abuying price of 976,000 IQD.

In jewelry stores, 21-carat Gulf gold ranged between 1.010million and 1.020 million IQD per mithqal, while Iraqi gold sold between980,000 and 990,000 IQD.

In Erbil, prices also declined, with 22-carat gold sellingat 1.045 million IQD per mithqal, 21-carat at 997,000 IQD, and 18-carat at854,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar opened Monday’s trading higher in Iraq,hovering around 154,000 dinars per 100 dollars.

According to Shafaq News market survey, the dollartraded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,200 dinars per100 dollars, up from the previous session’s 153,500 dinars.

In the Iraqi capital, exchange shops sold the dollarat 154,750 dinars and bought it at 153,750 dinars, while in Erbil, sellingprices stood at 153,650 dinars and buying prices at 153,500 dinars.