Iran Exempts Iraq from Strait of Hormuz Oil Curbs

Iran announced on Saturday that Iraq is exempt from restrictions on oil shipments through the Strait of Hormuz, a move aimed at easing pressure on its neighbor amid an ongoing blockade targeting vessels linked to the United States and Israel. The exemption comes as President Donald Trump issued a stark ultimatum to Tehran, warning of strikes on Iranian infrastructure unless the vital waterway fully reopens by 8 p.m. Eastern Time on Tuesday.

The Strait of Hormuz, a narrow passage between Iran, Oman, and the United Arab Emirates, handles about 20 million barrels of oil daily under normal conditions, along with one-fifth of global liquefied natural gas. Iran closed the strait to enemy-linked ships following U.S. and Israeli military actions that began on February 28, reducing transit volumes by more than 90 percent. Last week saw only 53 vessel passages, the highest since the conflict started.

Ibrahim Zolfaqari, spokesman for Iran's Khatam al-Anbiya Central Headquarters, stated that Iraqi shipments would face no restrictions or fees. In response, the tanker Ocean Thunder, loaded with one million barrels of Basrah Heavy crude from Iraq's southern ports, transited the strait near the...