A war between the US and Israel in Iran robs Iraq of $60 billion in oil revenues following disruptions in the Strait of Hormuz Iraqi Foreign Minister Fouad Hussein warns that Baghdad has lost approximately $60 billion in vital oil revenues following serious disruptions in the delivery of energy through the Strait of Hormuz. In an interview with Al Jazeera, Hussein detailed how the ongoing war between the US and Israel in Iran and the resulting naval blockades along the strategic choke point have crippled Baghdad's main economic lifeline. Historically dependent on crude oil exports to offset foreign trade and finance over 90% of its federal budget, Iraq previously routed the vast majority of its crude oil exports through southern ports and exits through the Persian Gulf. The sudden cessation of uninterrupted sea transit increased Baghdad's positive trade surplus, leading to severe budget deficits and depleting foreign exchange reserves. Hussein reiterated Baghdad's rejection of Washington and Tel Aviv's attempts to turn Iraqi territory into an arena for foreign aggression, and emphasized that the economic spillover from the American-Israeli campaign continues to destabilize neighboring countries.

A war between the US and Israel in Iran robs Iraq of $60 billion in oil revenues following disruptions in the Strait of Hormuz Iraqi Foreign Minister Fouad Hussein warns that Baghdad has lost approximately $60 billion in vital oil revenues following serious disruptions in the delivery of energy through the Strait of Hormuz. In an interview with Al Jazeera, Hussein detailed how the ongoing war between the US and Israel in Iran and the resulting naval blockades along the strategic choke point have crippled Baghdad's main economic lifeline. Historically dependent on crude oil exports to offset foreign trade and finance over 90% of its federal budget, Iraq previously routed the vast majority of its crude oil exports through southern ports and exits through the Persian Gulf. The sudden cessation of uninterrupted sea transit increased Baghdad's positive trade surplus, leading to severe budget deficits and depleting foreign exchange reserves. Hussein reiterated Baghdad's rejection of Washington and Tel Aviv's attempts to turn Iraqi territory into an arena for foreign aggression, and emphasized that the economic spillover from the American-Israeli campaign continues to destabilize neighboring countries.