Iraq Ships Own Oil via Hormuz in First Freight-Risk Move in Decades

The state-owned Oil Tankers Company recently moved 2 million barrels aboard a very large crude carrier, its first operation of that scale through the Strait of Hormuz in decades. Director General Ali Qais Abdul Jabbar said the move provides state marketer SOMO more flexibility in choosing buyers, though such transits still require Iranian approval as Tehran continues to restrict the waterway during its conflict with the U.S.