Iraqi MP Warns of Severe Financial Crisis Amid Strait of Hormuz Closure Fallout

Iraqi parliamentary circles have warned of highly dangerous financial and economic repercussions that the country may face in the upcoming period, driven by escalating regional tensions and disruptions to global oil exports. The Parliamentary Finance Committee stressed that Iraq is on the brink of a real financial crisis given its near-total reliance on oil revenues. The committee intends to submit a formal request to the relevant government authorities and the Ministry of Finance for a comprehensive briefing on the financial situation and the scale of losses resulting from the closure of the Strait of Hormuz. Data indicates that Iraq has been significantly affected by the current crisis, with a notable decline in crude oil export capacity, demanding urgent government solutions to overcome the crisis and ensure the securing of salaries and basic expenditures, at a time when the Strait of Hormuz serves as the main artery for Iraqi oil exports.