Iran announced Iraq has been granted an exemption from shipping restrictions in the Strait of Hormuz, a key waterway for global energy supplies. This declaration follows weeks of restrictions impacting energy flows.
The move comes after Iran praised Iraq’s stance against the United States. Officials stated Iraq will face no limitations when shipping oil through the strait.
This exemption could significantly increase oil shipments, potentially releasing up to 3 million barrels a day of Iraqi crude into the market. An oil tanker carrying crude from Iraq was observed transiting the Strait of Hormuz following the announcement.