The price of Brent crude rose after more mayhem in the Middle East continued to disrupt the Strait of Hormuz
Baghdad (IraqiNews.com) – The Iraqi Oil Tankers Company (IOTC), an affiliate of the Ministry of Oil, announced on Saturday, October 3, 2026, the successful transit of two million barrels of domestic crude oil aboard a chartered Very Large Crude Carrier (VLCC) past the Strait of Hormuz.
The operation marks the first time in decades that the state-owned maritime shipping enterprise has conducted independent crude transportation beyond the strategic maritime chokepoint, shifting a portion of Iraq’s petroleum commercialization away from traditional delivery at Basra offshore terminals to delivery points beyond the Gulf.
Speaking to the official Iraqi News Agency (INA) in remarks reported by the 964 Network, IOTC Director General Ali Qais explained that the landmark transit was executed under the direct directives of the Prime Minister and the supervision of the Minister of Oil.
Following extensive technical negotiations with international maritime carriers, IOTC chartered a VLCC supertanker, loaded two million barrels of crude, and navigated the vessel into open international waters outside the Strait of Hormuz.
The strategic maneuver is designed to grant the State Organization for Marketing of Oil (SOMO) elevated commercial flexibility, capturing premium pricing benchmarks, mitigating regional maritime transit risk premiums for buyers, and optimizing sovereign export revenues.
Qais emphasized that executive directives are actively steering the company toward the expedited procurement and outright ownership of its own fleet of dedicated crude oil supertankers.
Moving beyond spot charters, the acquisition drive seeks to restore Iraq’s sovereign blue-water tanker capabilities, modernizing IOTC’s logistics infrastructure to compete directly with national maritime shipping lines across the Gulf and broader Middle East.