❗️US-Israeli war on Iran drains $60bn from Iraqi oil revenues following Hormuz transit disruptions Iraqi Foreign Minister Fuad Hussein warns that Baghdad has lost approximately $60 billion in vital oil revenues following severe disruptions to energy shipping through the Strait of Hormuz. Speaking in an interview with Al Jazeera, Hussein detailed how the ongoing US-Israeli war on Iran and the resulting maritime blockades along the strategic chokepoint have paralyzed Baghdad’s primary economic lifeline. Historically dependent on raw petroleum exports to offset foreign trade and finance over 90 percent of its federal budget, Iraq previously routed the vast majority of its crude exports through southern ports and out through the Persian Gulf. The abrupt halt to unhindered maritime transit has upended Baghdad's positive trade surplus, triggering severe budget deficits and depleting foreign exchange reserves. Hussein reiterated Baghdad's rejection of attempts by Washington and Tel Aviv to turn Iraqi territory into an arena for foreign aggression, emphasizing that the economic spillover of the US-Israeli campaign continues to destabilize neighboring states.