The state-owned tanker oil company of Iraq carried out a major operation, sending 2 million barrels of Iraqi crude oil aboard a large crude carrier (VLCC) through the Strait of Hormuz. The company's CEO announced on Saturday that this is the first such maneuver in decades.
This means that the company now directs crude oil not only to the port of Basra but also directly through the Strait of Hormuz. This approach gives the state oil company SOMO more opportunities to sell oil and determine more favorable prices. It has become easier for the company to decide how and where to export crude oil.
The company's CEO, Ali Kays Abdul Jabbar, stated in his declaration that this step could open up better opportunities for SOMO to market its oil. He also noted that the Iraqi oil tanker company is preparing to expand its fleet. In this regard, the company is working on acquiring and incorporating specialized tankers into its fleet to better compete with other shipping companies in the region.
Iraq previously obtained permission from Iran to pass its tankers through the Strait of Hormuz. Previously, Iran effectively closed this important sea route during clashes with the US.
Earlier, Iran signaled through intermediaries its readiness to reopen the Strait of Hormuz within a week if the US lifts the blockade on Iranian ports, unfreezes frozen Iranian assets, and eases restrictions on the sale of Iranian oil. However, Trump immediately rejected this proposal, stating that Iran seeks an agreement due to its difficult position, and its offer would not be accepted. Despite this, intermediaries continue to work towards ending the conflict between the two countries and reopening the Strait of Hormuz.