{"id":65169,"date":"2026-07-21T15:38:15","date_gmt":"2026-07-21T19:38:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/iraq-us-energy-deals-surge-to-200b-uk-pm-burnham-approves-us-base-use\/65169\/"},"modified":"2026-07-21T15:38:15","modified_gmt":"2026-07-21T19:38:15","slug":"iraq-us-energy-deals-surge-to-200b-uk-pm-burnham-approves-us-base-use","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/iraq-us-energy-deals-surge-to-200b-uk-pm-burnham-approves-us-base-use\/65169\/","title":{"rendered":"Iraq-US Energy Deals Surge to $200B; UK PM Burnham Approves US Base Use"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Iraq and U.S. companies have signed energy and infrastructure agreements valued at an estimated $200 billion<\/strong>, focusing on boosting oil production and capturing associated gas.<\/li>\n<li><strong>New UK Prime Minister Andy Burnham has officially approved the use of British military bases<\/strong> for U.S. &quot;defensive&quot; strikes against Iran, maintaining the policy stance of his predecessor, Keir Starmer.<\/li>\n<li><strong>Major U.S. energy firms, including Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>) and ExxonMobil (<a href=\"\/stock\/XOM\">XOM<\/a>)<\/strong>, are spearheading projects to develop alternative export routes that bypass the volatile Strait of Hormuz.<\/li>\n<li><strong>The deals include the rehabilitation of a strategic <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a> pipeline between Iraq and Syria<\/strong>, intended to transport up to 2.5 million barrels per day to Mediterranean markets.<\/li>\n<li><strong>Oil prices remain elevated near $88 per barrel<\/strong> as the market weighs the impact of renewed U.S.-Iran hostilities against the long-term potential for increased Iraqi supply.<\/li>\n<\/ul>\n<h2>Iraq Secures Massive $200 Billion Investment Wave<\/h2>\n<p>Iraq\u2019s Oil Minister announced on Tuesday that the total value of deals signed between the Iraqi Oil Ministry and U.S. companies during Prime Minister Ali al-Zaidi\u2019s visit to Washington has reached an estimated <strong>$200 billion<\/strong>. These agreements are designed to add significant production capacity and modernize the country&#39;s energy infrastructure, which has been hampered by decades of conflict and recent regional instability.<\/p>\n<p>The package includes 48 separate agreements and memoranda of understanding with industry leaders such as Halliburton (<a href=\"\/stock\/HAL\">HAL<\/a>), GE Vernova (<a href=\"\/stock\/GEV\">GEV<\/a>), KBR (<a href=\"\/stock\/KBR\">KBR<\/a>), and Shell (<a href=\"\/stock\/SHEL\">SHEL<\/a>). A primary focus of these investments is the <strong>investment in associated gas<\/strong>, a move aimed at reducing Iraq&#39;s reliance on energy imports and curbing gas flaring.<\/p>\n<h2>Strategic Shift to Bypass the Strait of Hormuz<\/h2>\n<p>A critical component of the new agreements involves the development of alternative shipping routes for Iraqi crude. Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>) is reportedly in advanced talks to lead a consortium for a pipeline network linking southern Iraqi oilfields to the Mediterranean port of Baniyas in Syria.<\/p>\n<p>These projects aim to make the <strong>Strait of Hormuz &quot;an afterthought&quot;<\/strong> within the next few years, according to U.S. officials. Currently, approximately 20% of the world\u2019s oil flows through the Strait, which has seen repeated threats of closure due to the ongoing U.S.-Iran conflict.<\/p>\n<h2>UK Maintains Support for U.S. Military Operations<\/h2>\n<p>In a significant foreign policy move on his first full day in office, UK Prime Minister <strong>Andy Burnham<\/strong> approved the continued use of British bases, including <strong>RAF Fairford<\/strong> and <strong>Diego Garcia<\/strong>, for U.S. military strikes against Iranian targets. The decision follows a high-level COBR meeting where ministers determined that the bases are essential for countering missile threats and protecting global shipping lanes.<\/p>\n<p>While the UK characterizes these operations as &quot;defensive,&quot; the decision has already sparked criticism from domestic political factions who argue it increases the risk of UK complicity in an escalating regional war. The move signals Burnham&#39;s intent to maintain a strong &quot;Special Relationship&quot; with the U.S. administration under President Donald Trump, despite the heightened geopolitical stakes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Iraq and U.S. companies have signed energy and infrastructure agreements valued at an estimated $200 billion, focusing on 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