Shafaq News- Baghdad/ Erbil

On Saturday, gold prices hovered around 980,000 IQD permithqal in Baghdad and Erbil markets, according to Shafaq News market survey.

In Baghdad, the selling price per mithqal (equivalent to fivegrams) of 21-carat Gulf gold ranged between 990,000 and 1,000,000 IQD,while Iraqi gold sold for between 960,000 and 970,000 IQD injewelry stores that remained open during the Eid Al-Adha holiday.

In Erbil, 22-carat gold was sold at 1,021,000 IQD permithqal, 21-carat gold at 975,000 IQD, and 18-carat goldat 835,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar opened Saturday’strading higher in Iraq, hovering around 153,000 dinars per 100 dollars, accordingto Shafaq News market survey.

In the Iraqi capital, exchange shopssold the dollar at 154,000 dinars and bought it at 153,000 dinars, while inErbil, selling prices stood at 153,200 dinars and buying prices at 153,100dinars.

Shafaq News- Basrah

Iraq’s Basrah crude plunged morethan 56% over the past week, recording the sharpest losses among major globaloil grades.

Basrah Heavy crude fell by $29.31 inits last trading session to $66.07 per barrel, posting a weekly loss of $37.79,or 57.12%, while Basrah Medium crude dropped by $29.31 to settle at $68.17 perbarrel, recording a weekly loss of $38.79, or 56.90%.

Meanwhile, US West TexasIntermediate crude declined 1.43% to $87.63 per barrel, while Brent crudeslipped 1.32% to $91.48. UAE Murban crude also fell 1.42%.

Other crude grades also postedlosses, including Russia’s Urals crude, down 4.49%, and Mexico’s benchmarkcrude, which lost 4.42%. Angolan and Nigerian grades fell between 3% and 3.3%.

Shafaq News

Gold ‌prices were headed for a third consecutive monthly loss on Friday as the U.S.-Israeli war on Iran heightened concerns over inflation and the prospect of further U.S. rate hikes.

Spot gold was up 0.6% at $4,518.57 ​per ounce, as of 0807 GMT, as investors assessed reports of an extension to ​the U.S.-Iran ceasefire. Bullion fell to a two-month low of $4,365.76 on Thursday, ⁠but closed higher.

The metal has lost 2.2% so far this month and roughly 15% over ​the past three months.

"Yesterday, we saw ​gold went down to $4,360 and was likely to go down further until the (ceasefire) announcement came, due to which we suddenly saw the reversal of prices. This is where the market continues to be this morning," ​said GoldSilver Central Managing Director Brian Lan.

The United States and Iran reached an agreement on Thursday ​to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, ‌though ⁠U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.

"Markets are now waiting for a deal to be signed even if it's only just pending Trump's signature."

Oil futures fell more than 1% on Friday and were on ​track for their steepest ​weekly decline since early ⁠April, easing some concerns around inflation driven by higher energy prices due to the Iran war.

U.S. inflation increased at its fastest pace in ​three years in April, cementing economists' views that the Federal Reserve would ​hold interest ⁠rates unchanged well into next year.

While gold is considered a hedge against inflation, the non-yielding asset tends to come under pressure in a high-interest-rate environment.

Spot silver fell 0.4% to $75.32 per ounce and ⁠platinum ​lost 0.3% to $1,916.75, with both metals headed for a ​weekly loss. Palladium gained 0.3% to $1,371.54, and was on course for a weekly gain.

(REUTERS)

Only the headline is edited by Shafaq News.

Shafaq News

The dollar was firm against other major ​currencies on Friday, but on track to end the week lower, after reports the U.S. and ‌Iran reached an agreement to extend the ceasefire in the Middle East and lift restrictions on shipping through the Strait of Hormuz.

The deal, still pending Trump's approval, would extend the truce for another 60 days and allow traffic to flow through the strategic ​waterway while negotiators tackle difficult issues such as Iran's nuclear program, four sources told Reuters.

Oil futures fell ​more than 1% on Friday and were on track for their steepest weekly decline since ⁠early April. The dollar was heading toward ending the week 0.3% lower, snapping two weeks of gains.

"Geopolitical risk ​premia may continue to unwind in the near term," said Lloyd Chan, senior currency analyst at MUFG Global Markets ​Research.

Although renewed tensions are likely to keep markets sensitive in the near term, the balance of probabilities still points toward de-escalation, with both the U.S. and Iran appearing incentivised to pursue a diplomatic resolution, he added.

The euro and the pound traded flat at $1.1642 ​and $1.3435, respectively. The Australian dollar was a shade higher at $0.7165.

The New Zealand dollar rose 0.4% to $0.5960, near the ​strongest level in more than two weeks, extending the recent rally after the country's central bank governor signalled earlier and steeper rate ‌hikes were ⁠likely.

The dollar index , which measures the greenback against a basket of currencies, was largely rangebound. It last traded at 99.045 after dipping 0.2% on Thursday.

"It might well be that once this crisis in Iran, in the Middle East, is behind us, we expect the U.S. dollar to remain weak," said Massimiliano Castelli, head of strategy ​in the global sovereign markets ​team at UBS Asset ⁠Management.

The conflict has temporarily paused the dollar weakness due to demand for safe havens, but many investors remain keen to diversify away from U.S. dollar assets, he said.

U.S. ​inflation increased at its fastest pace in three years in April, driven by higher ​energy prices ⁠due to the Iran war and cementing economists' views that the Federal Reserve will hold interest rates unchanged well into next year.

The Japanese yen traded at 159.30, pulling away from the psychologically significant 160-per-dollar level that has previously led ⁠to interventions by ​Japanese authorities.

Data on Friday showed annual core inflation in Japan's capital ​stayed below the central bank's 2% target for a fourth straight month in May, while factory output rebounded in April. Analysts said that ​cemented the case for a Bank of Japan rate hike next month.

(REUTERS)

Only the headline is edited by Shafaq News.

Shafaq News

World stocks stood at record highs on Friday and oil futures eyed the steepest weekly drop for nearly two months as traders waited ​for details on a potential deal to reopen the Strait of Hormuz and extend the U.S.-Iran ceasefire.

Sources told Reuters that the ‌U.S. and Iran have reached an agreement to extend their ceasefire and lift restrictions on shipping, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.

Moves in the Asia morning were modest, with S&P 500 futures steady after the index notched another record closing high overnight. Brent crude ​futures fell about 50 cents a barrel to $93.17 for a weekly drop of more than 10%.

The dollar headed for a small fall ​on the week, which tracks a retreat in U.S. yields. Analysts aren't sure, however, whether that can extend, since ⁠a U.S.-Iran deal is unlikely to quickly unwind the inflation impulse unleashed by soaring fuel prices.

"The market's already taking the view that a deal's ​going to be done and the strait is going to be open," said Jason Wong, senior market strategist at BNZ in Wellington.

"The main point is ​it removes a tail risk of a really, really bad outcome. I don't think it's a green light to take oil down $20, or Treasuries down 20 points."

MSCI's index of world stocks edged up to a record high, with AI-euphoria lifting chipmaker shares around the world and pushing benchmarks in Tokyo and Seoul up around 2% on Friday ​morning and toward weekly rises.

Dell (DELL.N) was also riding the wave, with shares soaring 39% after hours when it lifted revenue and profit expectations as ​data-centre demand drives sales of its AI-optimised servers.

"The question now is whether this can continue. We believe we're still in the middle innings of a longer AI-driven investment ‌cycle," ⁠said Damian McIntyre, head of multi-asset solutions at asset manager Federated Hermes. "We have revised our S&P 500 target to 8,000 this year and 9,000 next year."

The S&P 500 closed on Thursday at a record high of 7,563.63.

YEN SQUEEZED, KIWI ATTEMPTS LIFTOFF

In fixed income, U.S. Treasury yields were steady in the Asia day, with the 10-year yield at 4.45% for a weekly drop of about 14 basis points. Global bond yields are also lower on the week.

Preliminary ​inflation figures are due across Europe ​later in the day, along ⁠with Canadian GDP.

Overnight data showed U.S. personal consumption spending, income, home sales and GDP on the soft side of expectations, and inflation running hot but a little bit under forecasts.

Annual core inflation in Tokyo stayed below Japan's 2% target for ​a fourth straight month in May, data showed on Friday, but a rebound in national factory activity ​suggested resilience and supported ⁠the case for a June rate hike.

In currency markets the yen has been under pressure and in focus after falling back to levels that prompted reported Japanese intervention late in April and earlier in May.

At 159.26 to the dollar it was trading a fraction stronger than the line-in-the-sand around 160 that authorities ⁠have been ​defending. Japan's finance ministry is scheduled to publish the amount of dollar selling it conducted, ​with estimates it totalled around 8.6 trillion yen ($54 billion), Nomura said.

The euro was firm at $1.1655. The New Zealand dollar has been a major mover this week, up 1.8% on the greenback, ​after the Reserve Bank of New Zealand held rates steady on Wednesday but delivered a more-hawkish-than-expected outlook.

(REUTERS)

Only the headline is edited by Shafaq News.

Shafaq News- Baghdad

Disruptions in the Strait of Hormuz are reshaping Gulf steel trade and driving up costs for Iraq, which relies heavily on imported iron and construction materials, according to a report by S&P Global.

Citing Steel Giant Commodities CEO Taysir Jaafar, the report noted that steel shipments once routed through ports inside the Hormuz corridor are now being redirected to alternative hubs such as Sohar, Fujairah, and Jeddah, after restrictions and congestion affected major ports including Umm Qasr, Jebel Ali, and Dammam.

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

Freight costs have surged since the crisis began, with transport rates for steel coils to Fujairah and Sohar rising to $70–90 per tonne, compared with $35–40 before the disruptions, alongside additional port and war-risk charges.

“Iraq faces greater challenges than other regional markets because of long overland transport routes and limited trucking capacity,” Jaafar told S&P Global, noting that Chinese hot-rolled coil prices climbed from around $460 per tonne before the crisis to more than $510.

To continue reading, click here.

Shafaq News- Baghdad

Iraqi Prime Minister Ali Al-Zaidi on Thursday ordered corruption investigations into several major government contracts as part of his new administration’s anti-corruption campaign and “efforts to protect public funds.”

Al-Zaidi directed oversight authorities and law enforcement agencies to examine contracts previously signed by ministries and state institutions to determine whether they “complied with Iraqi laws, safeguarded public interests, and resulted in financial harm to the state.” The investigations will also seek to identify those who benefited from the contracts “at the expense of the public interest,” in addition to uncovering negligence, abuse of authority, and potential misuse of public funds.

Although Al-Zaidi’s office did not offer further details, the investigations could affect contracts tied to infrastructure, procurement, energy, and public spending at a time when the government has pledged to attract foreign investment and reform state institutions. After taking office earlier this month, Al-Zaidi described corruption as “an obstacle to development that delays the progress of the state” and vowed to “protect public funds and pursue administrative and financial corruption in all its forms.”

Iraq ranked 136th globally in Transparency International’s 2025 Corruption Perceptions Index with a score of 28 out of 100, keeping Iraq among the world’s lowest-ranked countries in public-sector transparency and making corruption one of the country’s most persistent political and economic challenges despite repeated reform campaigns launched by successive governments since 2003.

The country has also faced repeated corruption scandals in recent years, including the 2022 “theft of the century” case involving roughly $2.5 billion in missing tax funds, one of the largest financial scandals in modern Iraqi history.

Read more: Iraq's corrupt maze: Oil, bribes, and broken trust

Shafaq News

Gold prices dropped to atwo-month ‌low on Thursday as inflation fears were stirred up after the U.S.and Iran traded more air strikes, boosting the dollar and crude prices, andfueling expectations of higher interest rates.

Spot gold was down 1.5% at$4,389.99 per ​ounce as of 0902 GMT, earlier falling to its lowest level sinceMarch 26. ​U.S. gold futures for June delivery fell 1.5% to $4,387.70.

The dollar rose to ⁠a one-weekhigh, making greenback-priced bullion more expensive for holders of othercurrencies.

Oil prices jumped ​more than2% after Iran's Revolutionary Guards said they targeted a U.S. airbase inresponse to ​a U.S. attack in the port city of Bandar Abbas.

Bullion has been underpressure since the start of the U.S.-Israeli war with Iran in late February.The effective closure of the Strait of Hormuz has prompted a ​surge in Brentcrude prices, fanning inflation woes and propelling rate hike expectations.

"Gold drops to ​atwo-month low and into bear market territory as fresh U.S.-Iran hostilitiesdouse hopes of a deal. Heightened ‌geopolitical ⁠uncertainty directs risk-offflows to the dollar, just as higher oil prices exacerbate inflationfears," Nikos Tzabouras, a senior market analyst at Jefferies-ownedTradu.com, wrote in a summary.

"Higher-for-longer rateprospects weigh on non-yielding assets, compounding bullion's weakness andleaving it vulnerable to new 2026 lows."

Despite being an ​inflationhedge, non-yielding bullion ​underperforms in high interest ⁠rate environmentsas investors turn to assets like Treasury yields that offer better returns.

Federal Reserve Governor LisaCook on Wednesday said she feels the ​U.S. central bank should hold short-terminterest rates steady for now, ​but, with ⁠tariffs, the Iran war, and a surgein AI-related investment pushing prices higher, she is prepared to hike ratesif needed.

The market awaits the U.S.Personal Consumption Expenditures data, the Fed's preferred inflation gauge,⁠due later ​in the day, for cues on the Fed's monetary ​policy path.

Spot silver fell 1.7% to$73.34 per ounce and platinum lost 1.3% to $1,893.16. Both metals earlier hit anear one-month ​low. Palladium slid 1.8% to $1,366.00.

(Reuters)

Only the headline is edited byShafaq News Agency.

Shafaq News- Basrah

Basrah crudeslipped by more than 1% on Thursday, diverging from broader gains in global oilmarkets.

Basrah Heavy crudefell 1.22%, or $1.19, to $96.19 per barrel, while Basrah Medium crude declined1.20% to $98.29 per barrel.

Globally, Brentcrude rose $3.51, or 3.72%, to $97.8 a barrel. US West Texas Intermediate (WTI)crude gained $3.31, or 3.73%, to reach $91.99 per barrel.

Shafaq News

Oil pricesjumped more than 3% on Thursday after Iran's Revolutionary Guards said theytargeted a U.S. airbase in response to a U.S. attack near Bandar Abbas airport.

Brent crudefutures rose $3.51, or 3.72%, to $97.8 a barrel by 0344 GMT, while the moreactive August contract gained $3.35 or 3.63%, to $95.6. The July contract isset to expire on Friday.

The U.S.West Texas Intermediate futures were up $3.31, or 3.73%, at $91.99.

Both⁠benchmarks slipped more than 5% to touch their lowest in a month in theprevious session on the possibility of a U.S.-Iran deal to end their war andreopen the Strait of Hormuz.

Iran'sRevolutionary Guards said on Thursday they targeted a U.S. airbase after whatthey described as an early morning U.S. attack near Bandar Abbas airport,Tasnim news agency reported.

They warnedthat any repeat of what they called aggression would draw a "moredecisive".

The U.S. ⁠militarylaunched new strikes in Iran targeting a military site that officials believedposed a threat to U.S. forces and commercial maritime traffic in the strait, aU.S. official told Reuters.

"Oilsupply remains constrained, and key sticking points have yet ⁠to beresolved," ANZ commodity strategist Daniel Hynes said in a note.

In the U.S.,crude oil stockpiles fell by 2.8 million barrels last week, the sixth straight⁠week of declines, according to American Petroleum Institute data.

Officialinventory data from the U.S. Energy Information Administration are due onThursday, a day later ⁠than usual due to the Memorial Day holiday on Monday.

(Reuters)

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Shafaq News- Ankara

Turkiye’s strawberry exports jumped 56% during the firstfour months of 2026, reaching $20.87 million on rising demand from foreignmarkets, including Iraq, according to the country’s fresh produce exporters.

The head of the Aegean Fresh Fruits & VegetablesExporters’ Association, Gengiz Balik, noted that exports totaled 6,608 tons offresh strawberries during the period, despite a 32% decline in export volumescaused by lower crop yields and rising domestic prices.

Turkish strawberries are exported to around 40 countries,with Russia accounting for 69% of total exports. Georgia ranked second,followed by Iraq and Malaysia among the leading import markets.

In 2025, Iraq ranked as the second-largest importer ofTurkish fresh fruits and vegetables.

Shafaq News

Oil prices settled 5% lower on Wednesday as investors awaitedupdates on a framework of a deal ‌between the United States and Iran on endingtheir conflict and reopening the Strait of Hormuz.

Brent crude futures settled $5.29, or 5.31%, at $94.29 a barrel,while U.S. West Texas Intermediate crude lost $5.21, or 5.55%, to $88.68.

Both benchmarks touched their lowest in a month earlier in thesession. The losses ​more than erased Brent's gains from Tuesday.

U.S. Secretary of State Marco Rubio said there has been some​progress in negotiations with Iran toward a deal. However, President DonaldTrump said the U.S. and Iran ⁠still have issues to resolve in peace talks,while Iran's Fars News has said unresolved issues remain.

Washington also dismissed an ​Iranian state television report of aframework deal to restore shipping through the Strait of Hormuz within a monthand to ​lift a U.S. naval blockade on Iranian ships. The U.S. will withdrawmilitary forces from the vicinity of Iran and lift its naval blockade, Iranianstate TV said, adding that the management of ship traffic through the Strait ofHormuz will be handled by Iran in cooperation with ​Oman.

"A leader from the Iranian military stated that thepossibility of returning to war is low, which has many traders ​believing apeace deal is getting closer ... It seems the extremely tight global suppliesthat had been factored into crude are beginning to ‌lessen," ⁠said DennisKissler, senior vice president of trading at BOK Financial.

Traffic through the Strait of Hormuz also continued with an oilproducts tanker operated by Chinese shipping group COSCO in the process ofcrossing the chokepoint on Wednesday, after two crude tankers sailed in thepast day, although oil traffic overall was still limited, shipping data showed.

"The increase in shipping activity is reinforcing​expectations that the critical waterway ​could gradually reopen, potentiallyrestoring ⁠disrupted global energy flows and reducing near-term supply riskpremiums," said Mark Schaefer, a director at brokerage Liquidity Energy.

July Brent futures had risen 3.6% in the previous session after theU.S. ​carried out new strikes in Iran, hurting hopes that had risen over theweekend that ​Washington and Tehran ⁠would reach a peace deal. Israel ramped upbombing in Lebanon on Tuesday, further straining peace efforts.

After an April ceasefire in the three-month-long conflict, bothsides indicated they had made progress in talks toward reopening the strait.

Iran's effective closure of the Strait of Hormuz has taken ⁠more​than 14 million barrels per day of Middle East oil supply offline, accordingto the ​International Energy Agency.

In a sign of demand weakening, India's two largest airlines sharplycut planned domestic flights for June and July, sources familiar with thematter ​said.

(REUTERS)

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Shafaq News- Baghdad

Iraq and other Middle Eastern oil producers may needaround four months to restore nearly 80% of pre-war production levels followingdisruptions caused by the regional conflict and export restrictions in theStrait of Hormuz, S&P Global estimated in a new report.

Oil output in Iraq has fallen to about 1.3 millionbarrels per day from roughly 4.3 million before the conflict, while exportsdropped below 800,000 barrels per day because of shipping disruptions in theStrait of Hormuz during the US-Israeli war on Iran, causing estimated dailylosses of around $128 million.

S&P Global noted that Iraq was among the countriesforced to reduce production during the early stages of the conflict because ofstorage constraints and export difficulties. The report projected a gradualrecovery, clarifying that many oil fields in the country and across the regionrely heavily on water and gas injection systems to maintain reservoir pressure.

Prolonged shutdowns complicaterestart operations by requiring multiple overlapping phases, includingrestoring logistics services, reducing inventories, and gradually returningoutput to previous levels, the company noted, warning that full recovery couldextend beyond four months and that oil and gas production costs may risebetween 4% and 6% if the conflict remains contained, potentially reaching 15%in the event of an extended escalation.

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

Shafaq News- Baghdad/ Erbil

The US dollar remained stable in Iraq on Wednesday, hoveringnear 154,000 IQD, as trading activity slowed during the Eid al-Adha holiday.

According to Shafaq News market survey, exchange rates inBaghdad held at Tuesday’s levels, with exchange shops selling the dollar at153,750 dinars per 100 dollars and buying it at 152,750 dinars.

In Erbil, the dollar also remained unchanged, with sellingprices standing at 152,950 dinars per 100 dollars and buying prices at 152,850dinars.

Shafaq News– Basrah

Iraq’s Basrah crude recorded slight losses on Wednesday, withprices easing by around 2% amid a broader downturn in global oil markets.

Basrah Heavy crude fell 1.83% to $97.38 per barrel, andBasrah Medium crude declined 1.80%, reaching $99.48 per barrel.

Brent crude dropped $1.42, or 1.43%, to $98.16 a barrel. ⁠US West Texas Intermediate(WTI) slid $1.66, or 1.77%, to $92.23 a barrel.

Shafaq News

Oil prices pulled back from recent highs on Wednesday,erasing some of the previous day's 4% gain as traders sought clarity on complexnegotiations between Iran and the U.S. after renewed hostilities set backefforts to reopen the Strait of Hormuz.

Brent crude futures fell $1.42, or 1.43%, to $98.16 a barrelas of 0253 GMT, while ⁠U.S.West Texas Intermediate (WTI) crude lost $1.66, or 1.77%, to $92.23 a barrel.

Oil surged on Tuesday after the U.S. military carried outnew strikes in Iran, hurting hopes over the weekend that the United States andIran would reach an agreement to end the war.

Iran said on Tuesday the United States had violated aceasefire by striking targets near ⁠thecontested Strait of Hormuz, while the U.S. said its strikes were defensive innature.

Following an April ceasefire in the three-month longconflict, both sides indicated they had made progress ⁠on talks toward reopening the Strait, a keyconduit for global oil and gas flows. But rising hostilities now threaten thosenegotiations.

Israel ⁠rampedup bombing on Lebanon on Tuesday, further straining peace efforts.

Nevertheless, the news that some LNG tankers have passed ⁠through the strait in recentdays lifted expectations that the waterway might reopen soon, which would addto global supply.

(Reuters)

Only the headline is edited by Shafaq News Agency.

Shafaq News- Ankara

Iraq retained its position as the leading Arab source oftourists to Turkiye in April 2026, with visitor numbers rising to 60,625 from52,690 in March, according to data released by Turkiye’s Ministry of Cultureand Tourism.

Data showed that Saudi Arabia ranked second with 27,305visitors, followed by Algeria with 23,789 and Egypt with 18,114. Moroccorecorded 15,760 visitors during the month, while Libya, Tunisia, and Jordanregistered 13,616, 12,415, and 9,643 tourists, respectively. Lebanon followedwith 8,746 visitors, while Kuwait recorded 1,446 tourists during the sameperiod.

Shafaq News- Tehran

Expansion work on the Parviz Khan border crossing, one ofthe main trade gateways between Iran and Iraq’s Kurdistan Region, is underwayas authorities move to upgrade transport links, customs facilities, and transitinfrastructure, Iranian media outlets reported on Tuesday.

Kermanshah Governor Manouchehr Habibi visited the crossing,which links western Iran with the Kurdistan Region of Iraq, on Tuesday toreview plans aimed at upgrading trade and infrastructure facilities andmodernizing the key export corridor connecting Iran to the Region.

Earlier this month, Iran’s Tasnim News Agency, citingKermanshah Customs supervisor Reza Nikrouz, reported that Parviz Khan crossingranked second in share of truck traffic with 6,409 trucks after Khosravicrossing with 7,357 trucks

Iraq remained the main destination for Iranian exportsthrough Kermanshah province last month, with shipments exceeding $148 millionand totaling around 459,000 tons, according to Kermanshah Customs DirectorGeneral Reza Nikroush.

Shafaq News- Baghdad/ Erbil

The US dollar closed Tuesday’s trading higher in Iraq,hovering around 153,500dinars per 100 dollars.

According to Shafaq News market survey, the dollar tradedin Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,450 dinars per 100dollars, up from the morning session’s 153,300 dinars.

In the Iraqi capital, exchange shops sold the dollar at 154,000dinars and bought it at 153,000 dinars, while in Erbil, selling prices stood at153,100 dinars and buying prices at 153,000 dinars.

Shafaq News-Baghdad

Iraq does notpossess "national sovereignty" over its own telecommunicationssector, Communications Minister Mustafa Sanad declared Tuesday, pointing to acourt-ordered suspension as the primary obstacle blocking the country's plannedstate-owned 5G operator from entering the market.

Speaking to ShafaqNews, Sanad said his ministry's most significant current project is a transitcorridor that would route international internet traffic through Iraqiinfrastructure, positioning the country as a regional data gateway.

He added that anational 5G license is ready for activation through a state-owned companydesigned to compete directly with Iraq's three existing mobile carriers —Asiacell,Zain Iraq, and Korek— all of which are majority-owned by foreign Arab entities.

The state-affiliatedNational Mobile Telecommunications Company (NMTC) was formally establishedunder a cabinet resolution dated March 11, 2025, approved under then-PrimeMinister Mohammed Shia Al-Sudani. The company was structured as a joint venturewith Vodafone and funded through contributions from the Communications Ministry,represented by Al-Salam General Company, the Iraqi Trade Bank, and the StateEmployees’ Pension Fund, with the stated objective of expanding the pensionfund and providing subsidized services to retirees. A founding contract wassigned on August 31, 2025.

Under a “PartnerMarket” framework, Vodafone was chosen as the technical and commercialcollaborator, responsible for brand use, systems, and training—but withoutequity in the Iraqi venture, according to government briefings. In August,following political criticism, the ministry reiterated that no investmentcontract with Vodafone existed and that procedures were still in progress.

The project hassince been halted. On October 13, 2025, former Communications Minister HiyamAl-Yassiri —who held the post before Sanad— announced that a court order hadsuspended the signing of the company's licensing agreement with theCommunications and Media Commission, following a complaint filed “by a lawmaker”.Sanad confirmed the order remains in effect and said his current mandate is toresolve the legal obstacle and restore the project.

Read more: Judicial freeze: Iraq's new national 5G carrier on hold

Shafaq News- Najaf

Najaf plans to begin crude oil production from the exploratory al-Qarnain field, which spans roughly 8,773 square kilometers near the Saudi border, within a year, Governor Youssef Kanawi said on Tuesday, after a Chinese company completed exploration work and drilled two wells at the site.

Speaking at a press conference, Kanawi said Najaf contains three main oil fields, including two shared exploratory blocks with neighboring provinces, Unit 33 and Unit 36, and technical work continues on a fourth field in the province.

Iraq's Ministry of Oil announced on May 7, 2026, the discovery of a major oil field in Najaf province, in the largely underdeveloped desert area along the Iraqi-Saudi border. The field, located in the al-Qarnain block and explored by China's state-owned Zhenhua Oil, holds estimated reserves of 8.83 billion barrels of light crude oil, with an initial daily production rate of 3,248 barrels. The block spans 8,773 square kilometers in southwestern Iraq and was awarded to the Chinese company during Iraq's 2024 licensing round. The find ranks among the most significant oil discoveries in Iraq in recent years.

Shafaq News- Baghdad/ Erbil

On Tuesday, gold prices hovered around 985,000 IQD per mithqal in Baghdad and Erbil markets, according to a survey by Shafaq News Agency.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 987,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 983,000 IQD. The same gold had sold for 985,000 IQD on Monday.

The selling price for 21-carat Iraqi gold stood at 957,000 IQD, while the buying price reached 953,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 990,000 and 1,000,000 IQD, while Iraqi gold sold for between 960,000 and 970,000 IQD.

In Erbil, 22-carat gold was sold at 1.025 million IQD per mithqal, 21-carat gold at 975,000 IQD, and 18-carat gold at 836,000 IQD.

Shafaq News-Al-Anbar

Iraq's onlyland crossing with Jordan, Trebil, is handling roughly 1,400 trucks a day, butshuts down overnight, creating bottlenecks that a senior local official saysare costing both countries trade.

Imadal-Rishawi, deputy commissioner of al-Rutba district in western al-Anbarprovince, told Shafaq News on Tuesday that extending operations at the crossingto 24 hours a day is necessary as import and export activity has surged inrecent weeks, with hundreds of loaded trucks crossing in both directions daily.

Thecrossing's external yards can absorb the rising volume, al-Rishawi said, “butthe bottleneck lies in administrative procedures that slow clearance and stackup waiting times.”

Al-Rishawisaid coordination with the Jordanian side has become essential, and that a24-hour crossing would directly ease congestion and strengthen economic tiesbetween the two countries.

Shafaq News- Baghdad/ Erbil

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

According to Shafaq News market survey, the dollar traded inBaghdad's Al-Kifah and Al-Harithiya exchanges at 153,300 dinars per 100dollars, unchanged from the previous session.

In the Iraqi capital, exchange shops sold the dollar at153,750 dinars and bought it at 152,750 dinars, while in Erbil, selling pricesstood at 152,950 dinars and buying prices at 152,850 dinars.