Baghdad Protests 10% Tariff Hike Amid Oil Revenue Decline, IRAQ 02/09/2026

Baghdad traders protest a 10% increase in customs tariffs effective February 15, 2026, amid sharply falling oil revenues and a deepening economic crisis. The move, announced by the Iraqi ministry of trade, is expected to drive up import costs and inflation, exacerbating already high prices. With oil prices averaging $82 per barrel in early 2026, revenue has declined 15% year-to-date, according to the Iraqi Central Bank.