Oil prices plunged on news of a peace deal between the United States and Iran that will see the Strait of Hormuz reopen
Baghdad (IraqiNews.com) — Following repeated formal requests submitted by the Iraqi government through multiple diplomatic and security channels, Tehran has granted exceptional transit permits for several Iraqi oil tankers, allowing them to navigate through the Strait of Hormuz amid severe maritime insecurity caused by ongoing regional conflict.
According to a report published on Saturday, August 22, 2026, by Iran’s official state news agency, IRNA, securing safe maritime passage for Iraqi crude shipments formed a core agenda item during the recent high-level visit of Iranian Parliament Speaker Mohammad Bagher Ghalibaf to Baghdad.
The Strait of Hormuz remains the single most critical export conduit for southern Iraqi crude originating from the offshore terminals of Basra.
With regional maritime hostilities threatening international shipping lanes and driving up maritime insurance premiums, securing coordinated transit permits helps Baghdad maintain baseline crude export volumes and fulfill international supply commitments while pipeline diversification initiatives remain underway.