Iraq Bypasses Hormuz Blockade with First State Tanker Transit in Decades
Iraq has shifted its oil export strategy by shipping two million barrels of crude through the Strait of Hormuz for the first time in decades, moving away from the traditional free-on-board model at Basra. This move aims to secure better pricing and bypass war-related risks, as Baghdad seeks to purchase its own tankers to regain control over its primary revenue source amid ongoing US-Iran tensions.