Upgrade of Aqrah-Qandil Road in Kurdistan Begins
The Kurdistan Regional Government (KRG) has begun work on expanding and upgrading the 30-kilometre road Aqrah [Akre] to Qandil into a dual-lane highway at a cost exceeding 28 billion Iraqi dinars (~US$21 million).
The project, expected to be completed within two years, links the sub-districts of Bajil and Dinarta, passing through 25 villages. According to a statement from the KRG, it is seen as a key infrastructure initiative to boost local commerce and enhance regional connectivity.
Thousands of jobs have been created through this project, which is being carried out by local labour. Officials say it will significantly support trade and economic activity in the area.
18/06/2025
Essential Goods Adequately Stocked in Iran
The chairman of the Tehran Chamber of Guilds announced that there is sufficient storage of basic and essential commodities in the country.
Hamidreza Rastegar, in an interview with IRNA’s economic correspondent on Monday, referred to the complete readiness of the country’s warehouses to supply basic goods and food, adding: He said: "Full readiness of food warehouses and planning for imports in case of shortages guarantees market stability. We ask people to avoid buying more than they need."
Stressing that there is sufficient supply of basic goods, Rastegar urged people to refrain from buying unnecessary goods such as oil, bread, and rice.
He continued: "People should make sure that these goods reach everyone so that the distribution system is not disrupted." - Tehran Times
18/06/2025
Oil Rises as Iran-Israel Conflict Keeps Floor Under Prices
Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict.
Brent crude futures climbed 82 cents, or 1.1%, to US$74.05 a barrel as of 0840 GMT. U.S. West Texas Intermediate crude was up 77 cents, or 1.1%, at US$72.54.
Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and there is widespread concern the fighting could affect exports from there. Additionally, investors are watching for signs shipments through the Straits of Hormuz, through which flows about 19 million barrels per day of oil and oil products, may be impacted.
"The market is largely worried about disruption through Hormuz but the risk of that is very low, said Saxo Bank analyst Ole Hansen.
There have been no signs of supply losses but ships moving in the vicinity of the Strait and the Persian Gulf have been affected by electronic warfare measures that have interfered with navigation systems.
Early on Tuesday, shipping sources said a vessel collided with two other ships sailing near the Strait of Hormuz, highlighting the risks to companies moving oil and fuel supplies in the region.
Despite the potential for disruptions, there are signs oil supplies remain ample amid expectations for lower demand.
In its monthly oil report released on Tuesday, the International Energy Agency revised lower its world oil demand estimate by 20,000 bpd from last month's forecast, while increasing the supply estimate by 200,000 bpd from last month's estimate to 1.8 million bpd.
Investors are also focusing on central banks' interest rate decisions, Tamas Varga, analyst at PVM Associates said in a note, with the U.S. Federal Open Market Committee, which guides the Federal Reserves rate movements, set to meet later on Tuesday. - Shana
18/06/2025