Iraq projects linked to end of Hormuz crisis
Iraq will not approve any new projects or investment plans before the end of the Hormuz crisis and resumption of full oil exports, a senior official has said. Mudhar Saleh, financial adviser to the prime minister, told Qatar’s Aljazeera news TV channel that the 2027 budget would be the most difficult budget in Iraq’s modern ...
The Hormuz crisis, triggered by US-Israeli strikes on Iran, has resulted in significant additional costs for fossil fuel importers, estimated at USD 330 billion over six months. This cost surge is the largest sustained oil price shock since the 1990 Gulf War, with Asian LNG prices averaging 75% above pre-war expectations, European LNG prices 60% above, diesel 59% above, and crude oil 35% above.
The EU, China, and India faced the highest extra costs, with the latter paying about twice as much relative to GDP compared to high-income countries. Clean power generation since 2020 has helped offset the crisis, saving importing countries an estimated USD 36 billion in avoided coal, gas, and oil imports during the first five months of the crisis.
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- What the Hormuz crisis has cost fossil fuel importers — March to August 2026 hellenicshippingnews.com
- Hormuz crisis adds $22 bn to India's fossil fuel import costs: CREA business-standard.com