Iran agrees to concessions allowing Iraqi tankers to pass through Strait of Hormuz

Iranian authorities have decided to make concessions regarding Iraq’s access to a strategic maritime route. Several Iraqi oil tankers have reportedly received special permission to leave the Persian Gulf, a move Baghdad had sought for an extended period. The Iranian news agency IRNA stated that the decision followed negotiations conducted during an official visit. Mohammad Bagher Ghalibaf, Speaker of Iran’s Parliament, was in Baghdad for three days starting Wednesday. Access to the strategic strait was one of the key topics discussed between the delegations of both countries. Ghalibaf secured access through the Strait of Hormuz for Iraqi tankers. Iraq had repeatedly appealed to Tehran to lift restrictions on its oil-carrying vessels. The ongoing conflict between Israel and the United States against Iran, which began on February 28, has altered the situation in a critical waterway for the global economy. In response to the armed conflict, Iranian authorities imposed restrictions on shipping through the Strait of Hormuz. Iran and Oman control the territorial waters of this strait, through which approximately 20 percent of global oil and natural gas supplies passed before the outbreak of hostilities. The reduction in transport of these resources through the strategic strait has reportedly caused turbulence in international energy markets, with oil and gas prices rising and their valuations becoming more volatile.

Reported by Business Insider PL.