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Energy

Iran reversal on Strait of Hormuz threatens Iraq’s nascent export restart

Iranian forces blocked a tanker carrying Iraqi crude, dampening hopes for a durable resumption of Iraq's southern exports.
The Agios Fanourios I tanker prepares to dock at a single point mooring buoy in the Basra Gulf in April 2026 for the first loading of crude from Iraq's southern export outlets in more than a month. (Photo credit: Ministry of Transportation)

Fuel smuggling causes shortages and spiking prices

Smugglers are exploiting a growing margin between government-subsidized fuel and market prices in an illicit trade that is squeezing Iraq's fuel supply and costing the government billions.