The earthquake hit at 9:18pm local time at a depth of 33 kilometres.
Iraqi media is reporting that the quake was felt in several cities and has damaged at least eight villages, while thousands of people are thought to be without power.
An official from the Iraqi Meteorology department said that the earthquake was felt across the country, including the capital Baghdad, but put the magnitude at around 6.5.
In Iran, the country's seismological centre said a 7.3 magnitude earthquake hit Azgaleh.
Social media users have posted images and videos of people coming out into the streets cities across the Gulf region just moments after the quake struck.
Details on any casualties remain unknown at this point.
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