From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.
Iraq is offering to mediate between Saudi Arabia and Iran to end their dispute, which began when Riyadh executed a prominent Shia cleric.
This, along with Tehran's alleged failure to protect Saudi Arabian consular buildings during protests, led to the recalling of their respective ambassadors.
A number of other Arab countries, including Qatar and Bahrain, have also cut diplomatic ties with Iran.
Al Jazeera's Paul Chaderjian reports: