$60 Billion — Baghdad Estimates Its Losses from the Washington-Tehran War

Summary

• Foreign Minister Fuad Hussein put Iraq's economic losses from the US-Iran war at about $60 billion.
• He said the conflict deepened the global energy crisis and raised inflation risks across many countries.
• The figure sets the scale of pressure on Baghdad's public finances heading into 2026 spending decisions.

The latest

Iraq lost roughly $60 billion economically during the recent war between the United States and Iran, Foreign Minister Fuad Hussein said Friday, calling the damage to the economy substantial. He also warned the conflict pushed the global energy crisis wider and sharpened inflation fears well beyond the region, including in European states, according to the Iraqi News Agency.

Details

• The figure: Hussein said Iraq incurred about $60 billion in economic losses over the course of the war between Washington and Tehran, according to the Iraqi News Agency. He described the conflict as having left behind large economic damage, without setting out how the estimate was built or the period it covers.
• The wider warning: The foreign minister said the war aggravated the global energy crisis and heightened concerns about inflation, with effects reaching many countries, among them European states. He did not single out specific markets, commodities or price levels in making the point.
• Where it was said: The remarks came in a foreign ministry statement on Hussein's meeting Thursday in Rome with Italian Deputy Prime Minister and Foreign Minister Antonio Tajani, the Iraqi News Agency reported. The statement framed the losses as part of a broader review of regional developments.
• The Rome agenda: The two ministers discussed bilateral relations between Iraq and Italy, security cooperation, and regional and international developments, the ministry said. The statement did not list specific agreements, funding commitments or follow-up mechanisms emerging from the meeting, nor report a response from Tajani to the $60 billion estimate.
• No breakdown: The ministry did not specify the start and end dates of the war period used in the calculation, nor break the $60 billion into components such as lost oil revenue, trade disruption, infrastructure damage or displacement costs. No methodology was published alongside the number.
• The fiscal stake: The estimate was issued as an official government figure rather than an independent assessment, which gives it weight in Baghdad's own budget debate. The ministry did not say whether the number will feed into the 2026 budget or any formal compensation claim.
• Energy framing: Hussein tied Iraq's losses to a global picture rather than a purely domestic one, arguing the war's economic cost extended into energy supply and price pressure abroad. The statement offered no comparison with pre-war output or export figures.

Background

Iraq sits between the two warring parties geographically and economically: it hosts US forces, shares a long border and deep trade and energy links with Iran, and depends on oil exports for the overwhelming share of state revenue. That exposure makes regional escalation a direct fiscal event for Baghdad.

Between the lines

Delivering the $60 billion figure from Rome, beside Italy's deputy prime minister, points the number outward rather than inward. Hussein paired Iraq's losses with warnings about Europe's energy and inflation exposure, a framing that casts Baghdad as a partner absorbing shared costs rather than a claimant presenting a domestic bill. The absence of any published methodology leaves the estimate functioning as a diplomatic marker as much as an accounting one.

What's next

Watch whether the finance or planning ministry publishes a breakdown behind the $60 billion, whether the figure appears in Iraq's 2026 budget documents, and whether Rome responds with security or energy cooperation commitments.

Source: Iraqi News Agency (INA)