Iraq ships 2 million barrels of crude through Strait of Hormuz

Iraq's state-owned Oil Tanker Company transported 2 million barrels of crude through the Strait of Hormuz, marking its first such operation in decades, its director general announced Saturday. The shipment, carried on a very large crude carrier, bypasses delivery at the port of Basra, giving state marketer SOMO more flexibility in sales and pricing. Director General Ali Qais Abdul Jabbar said the move could enable better market opportunities. The company plans to purchase specialized tankers to expand its fleet and compete regionally. Iraq previously secured Iranian permission for transit through the strait, which Iran has effectively closed during its conflict with the US.