Levant in July 2026: the most important developments in economy
In the Levant in July 2026, the main economic development was the plan for an oil pipeline from Iraq through Syria to the Mediterranean, which would let Iraqi oil bypass the Strait of Hormuz. On July 15 the United States backed the project, and on July 18 Iraq and Syria signed a deal to revive the pipeline. Baghdad was also counting on pipelines through Syria and Turkey to secure its oil exports. On July 23 the United States imported its first Iraqi fuel oil shipments via Syria. Earlier, on July 2, Syria said it was ready for a proposed transit corridor between Iraq and the Gulf that would bypass Hormuz.
Syria drew other investment and aid. JPMorgan joined Gulf banks on a $7 billion loan for Syrian projects, Syria launched a $27.7 million project to combat water scarcity, and the German development bank KfW returned to Damascus after years of absence. Recovery work began in the Nabatieh area of southern Lebanon, and President Trump announced a plan to allow American airlines to fly directly to Lebanon for the first time in decades. On July 7 Israel refused to renew a water agreement with Jordan, and Jordan began looking for alternative water sources.
by WorldBrief & Maksim Micheliov | AI-generated summary
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