Oil drops 6% as Iran targets US military base in retaliation
Shafaq News/ Oil prices tumbled $5 a barrel, or over 6%, on Monday after Iran attacked a U.S. military base in Qatar in retaliation for U.S. attacks on its nuclear facilities at the weekend, and took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz.
Brent crude futures were down $4.90, or 6.3%, at $72.19 a barrel by 2:13 p.m. ET (1813 GMT). U.S. West Texas Intermediate crude (WTI) eased $4.60, or 6.2%, to $69.23.
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Shafaq News
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Iraq's river flows and dam reserves fall below half
Shafaq News/ Iraq is entering a critical phase of water scarcity as inflows from the Tigris and Euphrates rivers drop below 50% of normal levels and strategic dam reserves plunge to historic lows—raising alarm over the country's ability to meet agricultural, domestic, and environmental demands in the months ahead, the parliamentary Committee on Agriculture and Water confirmed. Committee member Ibtisam Al-Hilali told Shafaq News that both rainfall and water releases from neighboring countries have declined sharply, placing enormous pressure on Iraq's already fragile water infrastructure. "The water reserves in our dams, as well as river inflows, have decreased to below 50%," Al-Hilali said. "The situation is especially dire at Dukan Dam, where the current reserve has dropped to just 1.6 billion cubic meters, down from 4 billion in previous years." According to Al-Hilali, the crisis is driven by a combination of environmental and political challenges, which are highlighted by Iraq's stalled efforts to reach binding water-sharing agreements with its upstream neighbors, particularly Turkiye and Iran. "The specter of drought is looming, not only because of climate conditions, but also due to the failure of Iraqi diplomacy to secure long-term solutions." She noted, adding that although Baghdad previously agreed with Ankara on a daily release of 500 cubic meters per second, "Turkiye has not adhered to the agreement." Al-Hilali urged the Iraqi government to adopt a firmer stance, suggesting that Iraq use trade and investment as leverage in future talks. "Prime Minister Mohammed Shia al-Sudani must now consider economic pressure as a tool to push for increased water releases," she said. By the end of May, Iraq's total water storage had reached its lowest level in nearly eight decades. With an extremely weak rainy season, reduced snowmelt, and upstream restrictions, the country's reserves have fallen to just 10 billion cubic meters—far short of the 18 billion it needs to meet summer demands, and significantly below the 20 billion available last year. As a result, authorities have been forced to scale back the area of land allocated for summer crops, further compounding Iraq's food security concerns. A recent Forbes report described Iraq and its neighbors as facing an 'unprecedented drought', warning that the continuation of current trends would have devastating consequences. The region is already among the most water-stressed on Earth, and Iraq's dwindling reserves represent a stark warning of the challenges ahead.
Shafaq News
5 hours ago
- Shafaq News
Oil drops 6% as Iran targets US military base in retaliation
Shafaq News/ Oil prices tumbled $5 a barrel, or over 6%, on Monday after Iran attacked a U.S. military base in Qatar in retaliation for U.S. attacks on its nuclear facilities at the weekend, and took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz. Brent crude futures were down $4.90, or 6.3%, at $72.19 a barrel by 2:13 p.m. ET (1813 GMT). U.S. West Texas Intermediate crude (WTI) eased $4.60, or 6.2%, to $69.23.
Shafaq News
9 hours ago
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President Barzani commends Turkiye's land route support
Shafaq News/ On Monday, Kurdish President Nechirvan Barzani thanked Turkiye for facilitating land access to Erbil. Barzani met with Turkish Consul General Airman Topcu in Erbil, where both sides reviewed bilateral ties and regional developments, according to a statement from the Kurdistan Regional Government (KRG). Barzani expressed appreciation for Turkiye's assistance in facilitating overland travel, following Ankara's continued suspension of flights to al-Sulaymaniyah, which was first imposed in April 2023 over alleged PKK activity at the airport. The extended ban has affected economic and civilian mobility in the PUK-controlled province and drawn criticism from officials there, who argue the measure disproportionately targets the region. Turkiye is the KRI's primary trade partner, with the Ibrahim Khalil border crossing near Zakho serving as a critical hub for commercial and civilian transit. While air traffic remains restricted to parts of the region, land routes through Erbil have helped mitigate the impact. Barzani and Topcu also discussed strengthening cooperation in economic, political, and security domains, emphasizing the need for continued coordination to maintain border stability.
