Still, the number of transits remains a small fraction of the pre-war rate, when one-fifth of the world’s oil and liquefied natural gas passed the strait. Iraqi oil exports plunged by roughly 97% to a daily average of 99,000 barrels in March from the prior month as production shrank and overseas shipments were restricted to a pipeline system that transverses Turkey to the Mediterranean port of Ceyhan. Iraqi militias form a key node in Iran’s network of regional proxies opposed to the US and Israel, and Baghdad also relies on Tehran for supplies of natural gas.
Author: Patrick Sykes, Kateryna Kadabashy, Anthony Di Paola, Bloomberg
Published at: 2026-04-04 20:18:11
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