Geopolitics & Strait of Hormuz: Iran Allows Iraq to Export, OPEC+ in a Dilemma

On April 4, 2026, Iran announced that Iraq would receive an exemption from navigation restrictions in the Strait of Hormuz, allowing Baghdad, the region's second-largest oil exporter, to export up to three million barrels per day. While this measure is seen as significant, doubts remain about the ability of Iraqi tankers to safely navigate the strait. Iranian authorities maintain strict control over the passage, and a complete reopening appears unlikely in the near future.