Iran Allows Iraqi Oil Tankers Through Strait of Hormuz Amid Economic Concerns

A report by Reuters indicates that Iran has granted special permissions for certain Iraqi oil tankers to pass through the Strait of Hormuz, following repeated appeals from Iraq's government.

The decision was made after a meeting between senior officials from both countries on August 19, in which Iraq emphasized its reliance on the strait for oil exports and urged steps to safeguard its economic interests.

Iraq depends heavily on the Strait of Hormuz, with roughly 3.4 million barrels per day of its crude shipments relying on this route before hostilities began in February. Oil revenues contribute about 90% of Iraq's federal budget.