Iraq's 14M Barrels of Trapped Oil Finally Exit Persian Gulf

Over the past ten days, approximately 14 million barrels of Iraqi oil that were stranded inside the Persian Gulf due to the Middle East conflict have successfully transited through the Strait of Hormuz. The oil, equivalent to about 1.4 million barrels per day, is now en route to buyers in Asia, Europe, and the US, according to tanker tracking data from Bloomberg. All cargoes loaded since late February have now cleared the Gulf. The blockage began after US and Israeli attacks on Iran on February 28 prompted Iran to nearly close the Strait of Hormuz, a chokepoint for roughly one-fifth of global oil and gas supplies. Shipping resumed following a US-Iran agreement to pause hostilities and pursue a lasting peace deal. US envoys Steve Witkoff and Jared Kushner are currently in Qatar discussing the Middle East conflict with mediators.