Iraq wins Iran nod for tanker passage in Hormuz

Iran has granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz following repeated requests from Baghdad through various channels, Iran's state news agency IRNA reported on Saturday. IRNA said obtaining special permission for Iraqi tankers was one of Baghdad's main requests during Iranian parliament speaker Mohammad Baqer Qalibaf's visit to Iraq. Iraqi President Nizar Amedi said on Saturday that Iran had facilitated the passage of vessels carrying Iraqi oil through the Strait in recent days and Baghdad had discussed the export of Iraqi oil through Hormuz with Iranian officials. The issue remained complicated, he added, speaking at the Baghdad Dialogue policy conference. Iraq has been among the countries most affected by Iran's effective closure of the Strait of Hormuz. Traffic in the strait remains significantly below pre-war levels and ships continue to face attacks in the area. Iraq produced around 4 million barrels of oil per day before the outbreak of the Iran war. Baghdad is working to expand its exports through Turkey's Ceyhan port and to begin exporting oil through Syria's Baniyas port and Jordan's Aqaba port, Prime Minister Ali al-Zaidi said on Friday. Oil rises as Trump threatens sanctions International and US crude oil futures rose on Friday after US President Donald Trump threatened economic sanctions on Iran's trading partners, raising expectations of tighter supply in the coming weeks. International benchmark Brent crude futures settled at $94.39 a barrel, up 61 cents or 0.65%. US West Texas Intermediate crude settled at $87.06 a barrel, up 23 cents or 0.26%. The Brent benchmark has gained 6.39% while WTI has risen 5.66% this week, with both touching their highest since July 24 in the previous session.