Why does the US control Iraq's oil revenues?

Since the 2003 US-led invasion of Iraq, the country's oil revenues have been processed through a financial system based in New York. This mechanism was originally established to safeguard Iraq's oil wealth from international creditors and to facilitate the funding of reconstruction efforts following the conflict.

More than two decades later, this financial arrangement remains in place. The system currently provides the United States with significant leverage over the Iraqi government, as the nation's primary source of wealth continues to pass through a US-centered financial infrastructure.