US, Iraq discuss rising oil prices and war in Ukraine

ERBIL (Kurdistan 24) – A US diplomatic delegation on Monday met with Iraqi Foreign Minister Fuad Hussein in Baghdad and discussed the economic and security ramifications of the ongoing Russia-Ukraine war on the Middle East and the world. 

The US Deputy Assistant Secretary of State for Iraq and Iran Jennifer Gavito attended the meeting along with Ambassador to Iraq Matthew Tueller and White House National Security Council Director for Iraq and Syria Zehra Bell, according to a statement from the Iraqi Foreign Ministry.

They also discussed the ongoing Iran nuclear talks in Vienna that aim to revive the JCPOA, also known as the Iran nuclear deal, that the US pulled out of in 2018 under then-President Donald Trump. 

Hussein said he hopes the parties reach an agreement soon, according to the statement. 

Iraq is also expected to host the next round of negotiations between Saudi Arabia and Iran in Baghdad soon, the country’s national security advisor said in late February. 

Iraq has hosted a series of talks between the two regional rivals in an effort to reduce tensions in the region.

Rising oil prices 

The Russia-Ukraine crisis has also driven up the price of oil. On Monday, a barrel of Brent crude oil traded for nearly $140. 

American and Iraqi officials discussed the results of the increase in prices and how they affect hydrocarbons-reliant and non-oil economies alike, the statement added.

An estimated 75 percent of global sunflower oil exports come from warring Russia and Ukraine. The closure of ports since the Russian invasion began on Feb. 24 has resulted in a dramatic increase in the cost of cooking oil globally.