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Iraqs Oil Exemption: A Glimmer of Hope Amidst the Wars Energy Crisis

In the midst of the U.S.-Israel-Iran conflict, Irans exemption of Iraq from Strait of Hormuz restrictions could potentially boost global oil supply by up to three million barrels a day. However, the situation remains uncertain as shipping firms may still avoid the strait due to risks, and its unclear if the pass covers all Iraqi oil or just their flagged ships. Iraqs oil exports have plummeted, with the countrys economy heavily reliant on oil revenue. The exemption could ease the energy crunch, but its a fragile situation that could fizzle if production cant ramp up or enforcement slips.

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