Iraq Breaks Strait of Hormuz Barrier with Historic Crude Oil Transport

Iraq's state-owned Oil Tanker Company has made its first large-scale crude oil transport through the Strait of Hormuz in decades, shipping two million barrels aboard a VLCC.

The operation gives Iraq's state oil marketer SOMO greater flexibility in selling the crude and could allow it to take advantage of better sales opportunities. According to Ali Qais Abdul Jabbar, director general of the Oil Tanker Company, this move will enable SOMO to explore more lucrative pricing options.

The company is also working on expanding its fleet by purchasing specialized tankers, aiming to strengthen its position in regional shipping and compete with other companies.