logo
Kurdistan confirms stable supplies despite regional tensions

Kurdistan confirms stable supplies despite regional tensions

Shafaq News2 days ago

Shafaq News/ Markets in Al-Sulaymaniyah remain stable with sufficient supplies of food and essential goods, the city's Chamber of Commerce and Industry reported, despite heightened tensions following Iran-Israel airstrikes.
In a statement released on Sunday, the chamber confirmed that the import activity continues uninterrupted, stressing that the warehouse inventories are sufficient to meet demand for several months.
The Chamber is coordinating closely with government bodies and the private sector to maintain price stability, ensuring the steady flow of goods. Residents were further encouraged to avoid panic buying, disregarding rumors suggesting shortages.
The announcement comes amid growing concern among traders and residents over rising gold prices and a stronger dollar, with many turning to gold as a safe-haven asset amid regional uncertainty. Meanwhile, food prices have also increased, adding further pressure on household purchasing power.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

President Barzani, UAE envoy discuss investment opportunities in Kurdistan
President Barzani, UAE envoy discuss investment opportunities in Kurdistan

Shafaq News

time2 hours ago

  • Shafaq News

President Barzani, UAE envoy discuss investment opportunities in Kurdistan

Shafaq News/ Kurdistan Region President Nechirvan Barzani met on Tuesday with Shaikha Basheer Farhan, Acting Consul General of the United Arab Emirates in the Region, to discuss investment prospects and bilateral ties between the Kurdistan Region and the UAE. According to a statement from the Kurdish Presidency, the meeting focused on strengthening relations and exploring economic cooperation. President Barzani congratulated Farhan on her appointment and expressed support from Kurdistan's institutions to help her fulfill her diplomatic mission successfully. The UAE envoy conveyed greetings from UAE President Mohamed bin Zayed Al Nahyan and the country's leadership, reaffirming the UAE's interest in deepening ties with the Kurdistan Region. The two officials also discussed opportunities for Emirati investment in both the Kurdistan Region and Iraq, along with the latest regional developments. June 17, 2025

Iraqi expert warns: Hormuz closure would paralyze Gulf
Iraqi expert warns: Hormuz closure would paralyze Gulf

Shafaq News

time3 hours ago

  • Shafaq News

Iraqi expert warns: Hormuz closure would paralyze Gulf

Shafaq News/ The closure of the Strait of Hormuz would bring the Gulf region to a standstill and throw global energy markets into chaos, Iraqi economist Hilal al-Taan warned on Tuesday. Al-Taan explained to Shafaq News that any move to shut the strait would restrict maritime traffic, halt oil exports, and raise shipping and insurance costs. 'It would paralyze the Gulf and impact the entire world,' he cautioned, noting that major ports like Jebel Ali in the UAE would be directly affected. He stressed that oil-dependent economies like Iraq, Kuwait, and Bahrain would suffer severe financial consequences, as the shipping lane is a vital artery for their exports. The Strait of Hormuz, a narrow waterway between Iran and Oman, is one of the world's most critical energy chokepoints. Roughly 18 to 19 million barrels of oil, condensates, and fuel—about one-fifth of global consumption—pass through it daily, along with nearly 11 billion cubic feet of liquefied natural gas. The warning follows statements by Iranian lawmaker Brigadier General Esmail Kowsari, who confirmed that Tehran is seriously considering closing the maritime corridor in response to Israeli airstrikes. 'We are studying the matter carefully and will act decisively if necessary.'

Basrah crude holds above $70 as Iran–Israel tensions keep oil markets on edge
Basrah crude holds above $70 as Iran–Israel tensions keep oil markets on edge

Shafaq News

time4 hours ago

  • Shafaq News

Basrah crude holds above $70 as Iran–Israel tensions keep oil markets on edge

Shafaq News/ Iraq's Basrah crude oil prices posted a slight decline on Tuesday but remained above $70 per barrel, as ongoing military escalation between Iran and Israel kept global energy markets on high alert. Basrah Heavy fell by 3 cents, or 0.4%, to $70.40 per barrel, while Basrah Medium also slipped 3 cents, settling at $72.84. Meanwhile, global benchmarks moved higher. Brent crude rose to $74.40, and US West Texas Intermediate (WTI) climbed to $73.11 per barrel, driven by fears that the intensifying conflict could disrupt oil exports from Iran and trigger broader supply instability in the region.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store