India, Sept. 26 -- Iraq's oil-dependent economy is facing growing pressure as disruptions in the Strait of Hormuz interfere with oil exports and the movement of imported goods. The impact is being felt through falling oil revenues, higher transport costs, rising import prices and pressure on the Iraqi dinar.

Prime Minister Ali al-Zaidi said Iraq had lost around $60 billion in oil revenue since the war began, after the country was temporarily unable to export about 90 per cent of its oil through its usual Gulf routes.

Why Is Iraq Losing Oil Revenue?

Oil accounts for more than 90 per cent of Iraq's federal budget, making disruptions to exports particularly significant. The restrictions around the Strait of Hormuz have affected Iraq's abi...