Iraq Moves 2M Barrels Outside Hormuz

The Iraqi National Oil Company transported two million barrels of crude oil through the Strait of Hormuz aboard a giant tanker, marking the first operation of its kind in decades. This move aims to enhance marketing flexibility and develop the maritime transport fleet. The operation follows Iran's approval for tankers carrying oil to pass through the strait, giving Iraq’s SOMO company greater flexibility in choosing destinations and setting sale prices. Iraq is also currently negotiating with the United States and Iran to ensure the safe passage of its oil exports through the strait, amid ongoing concerns over global oil supplies.