According to a report, Iran granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz following repeated requests from Baghdad through various channels.
Officials in the know mentioned that obtaining special permission for Iraqi tankers was one of Baghdad’s main requests during Iranian parliament speaker Mohammad Baqer Qalibaf’s visit to Iraq.
As per shipping data released by United Kingdom Maritime Trade Operations (UKMTO) the commercial traffic through the Strait of Hormuz remains heavily suppressed, with daily transits hovering in single digits due to ongoing Iranian military activity and maritime security risk.
However, the combined total represents only around 20 percent of the pre-war seven-day average.Tanker traffic continues to dominate movements through the Strait, accounting for 45 percent of all traffic, the report found.
The US military helped move more than 15 million barrels of oil and petroleum products through the Strait of Hormuz, Energy Secretary Chris Wright said.
When oil transported through regional pipelines was included, the total volume leaving the Gulf region was closer to 20 million barrels, Wright said in a social media post.
Appreciating the US, he wrote- “Make no mistake, thanks to the US Navy, oil is flowing through the Strait of Hormuz.”
It is worth noting that, his reference to 15 million barrels represented oil moved on Tuesday rather than the current daily average.
International and U.S. crude oil futures rose on Friday after U.S. 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%. U.S. West Texas Intermediate crude settled at $87.06 a barrel, up 23 cents or 0.26%.