The Truth Behind Iraq’s Oil Rebound And The Secret Red Sea Plan

/Israel-Iran war more than Iraq. Over 90 percent of its annual budget historically comes from oil and around 95 percent of that historically had to pass through the Strait of Hormuz before it could be monetised. When Iran closed the strait on the first day of 'Operation Epic Fury', that vital oil transit route was shut to neighbouring Iraq, and its critical financial lifeline along with it.

A temporary agreement was reached on 17 March between Tehran and Baghdad that was supposed to have secured safe passage through the strait for Iraqi ships, but it did not provide the quick fix many thought it might.