Iran Allows Iraqi Ships in Strait of Hormuz Amid Tensions

Iran declares that Iraqi ships can now freely pass through the Strait of Hormuz. This move marks a significant easing of restrictions on a vital waterway for global energy supplies. Iran's Khatam al-Anbiya Central Headquarters states that only "enemy countries" will face controls, highlighting their respect for Iraq's sovereignty. The announcement comes amid rising tensions with the U.S. as President Donald Trump demands a deal from Tehran. In response, Iran dismisses Trump's threats as unbalanced and foolish. Interestingly, maritime traffic in the strait has seen a slight increase, with 53 transits last week, the highest since the conflict began. However, this is still over 90 percent lower than normal traffic. The decline in shipping has disrupted global energy markets, pushing Brent crude prices above $109 a barrel. This situation matters because the flow of oil and gas through the Strait of Hormuz is crucial for the world economy, and disruptions could lead to higher fuel prices everywhere.