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The US suggested it will oppose the release of billions of dollars in Iranian funds from South Korea until Tehran returns to full compliance with a nuclear deal.
Despite its immense oil and gas reserves, Iraq remains dependent on imports to meet its energy needs, and neighbouring Iran currently supplies a third of its gas and electricity.
US sanctions on Iranian oil and gas, on which Iraq is reliant on have hampered Baghdad's payments for imports, putting it in heavy arrears and leading Tehran to retaliate by cutting gas flows regularly.
Iran, Russia and the US reacted positively to a first day of talks aimed at rescuing an international agreement on Tehran's nuclear programme.
China is the world's only major importer of Iranian oil despite sanctions that former US President Donald Trump reimposed on Tehran's petroleum exports in 2018.
Yoon Suk Yeol's remarks at a summit in the UAE, made in front of the country's leader Sheikh Mohammed bin Zayed Al Nahyan, served to underline Seoul's commitment to nuclear power as it works to finish the Arabian Peninsula's first atomic power plant.
Iraq made its highest monthly oil export revenue since 1972 as crude prices soared amid shortfall fears following Russia's invasion of Ukraine.
The increase in 95-octane gasoline prices would take effect immediately, the government said in a statement. It follows the state's decision on Saturday to change the exchange rate used to price petroleum products in a bid to ease the shortages.