Iraq loses $60 billion to Iran war as Hormuz squeeze hits oil exports

Iraq is facing a growing economic squeeze as the Iran war disrupts oil exports through the Strait of Hormuz, while fuel shortages and rising import costs expose the country's dependence on both oil revenues and imported petroleum products.According to Al Jazeera, the disruption has hit Iraq's oil revenues while pushing up the cost of imported goods, with Iraqi officials warning that the crisis is placing additional pressure on the country's economy. The report also highlights Iraq's struggle to maintain crude exports while meeting domestic demand for refined fuel.Iraq Prime Minister Ali al-Zaidi said Iraq had lost about $60 billion in oil revenues because of the war, after the country was temporarily unable to export around 90 percent of its oil through its usual Gulf routes.