Iraq says it lost $60b from Iran war, reaches understandings with US on Hormuz oil route

Iraq is reporting a staggering $60 billion loss due to the ongoing conflict with Iran and the disruption of oil exports, according to Foreign Minister Fuad Hussein. This figure includes the financial impacts of reduced exports and increased security expenses. The country's oil output has shown a tentative recovery in October, climbing to approximately 3.5 million barrels per day, up from 2.65 million barrels per day in September, as reported by Iraqi energy officials.

The United States has put pressure on Iraq by demanding the closure of all but two of its border crossings with Iran, part of its strategy to intensify economic sanctions on Tehran. Hussein revealed that one of the remaining crossings would be in the Kurdistan Region of Iraq, a move that aligns with the American objective of limiting Iran's economic influence.

In recent weeks, Iraq has taken steps to close several border crossings with Iran, including the Al-Sheeb crossing in the south, to address security concerns and improve infrastructure. This decision drew criticism from Iran, which accused Iraq of failing to provide adequate notice. The Revolutionary Guards of Iran have accused Iraqi authorities of obstructing their naval activities, alleging that four oil tankers were destroyed and two others seized after navigating unauthorized routes south of the Strait of Hormuz.

Additionally, two tankers and a tugboat caught fire in separate incidents while attempting to traverse unauthorized paths through the same waterway. Iran's navy reported that an oil tanker had also caught fire after striking a naval mine located east of the Strait of Hormuz.