Iran exempts Iraq from Hormuz restrictions as oil hits $111 pb

Iran announced the exemption of Iraq from restrictions related to passage through the Strait of Hormuz, stating that these apply only to hostile countries. Oil prices have surged to near four-year highs, with WTI at $111 per barrel and Brent above $109. Analysts project prices could reach $150 to $200 per barrel if the situation in the Middle East does not improve.