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Iraq suffers $60bn oil revenue loss as Iran conflict disrupts exports

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Iraq is experiencing severe economic strain as the ongoing Iran war disrupts its oil exports through the Strait of Hormuz. The country has recorded a staggering $60 billion loss in oil income, according to the Prime Minister. This is particularly damaging as oil revenues account for more than 90 percent of Iraq's federal budget. The crisis has also triggered serious domestic fuel shortages, forcing Iraq to import gasoline despite being a major crude oil producer.

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