Washington resumes USD air shipments of Iraqi oil revenues

WATCH THIS SPACE #1- Iraq is getting oil revenues from the US again: Washington has reportedly resumed air shipments of USD to Iraq from Baghdad’s oil sales, after having withheld payments for several months in a bid to wield control over Iraq’s government and its alignment with Iran, the New York Times reports, citing two aides to Iraqi Prime Minister Ali Al Zaidi. It remains unclear how much Washington is shipping back to Baghdad, and whether these shipments mark a complete resumption of USD flows from Iraq’s oil revenues.

WATCH THIS SPACE #2- Emirates Global Aluminium (EGA) is bringing Al Taweelah back faster than expected after Iranian strikes forced the complex offline on 28 March, Wam reports. EGA has restarted 89 of the smelter’s 1,262 reduction cells since 26 May, with anode removal complete, bath cleaning, and frozen metal clearing also progressing.

The catch? Hot metal output could still take up to a year to fully recover.

IN CONTEXT- EGA invoked force majeure on some contracts after the shutdown, but told us metal already in transit and stockpiles in the UAE and overseas kept many customers supplied. The company had estimated the recovery would take up to a year — a timeline that remains unchanged despite the faster-than-expected early restart.

WATCH THIS SPACE #3- The WTA Finals are leaving Riyadh early. The women’s tennis tour confirmed Wednesday that the season-ending championship shifts to California’s Indian Wells for November, ending a three-year hosting deal with the Saudi Tennis Federation after just two editions.

Both sides are calling it a mutual pivot, but unnamed sources told The Athletic the event had already stopped earning its keep in Riyadh’s wider sports strategy months before the WTA cited security concerns tied to the Israel-Iran war as the reason it wouldn't return this year.