Iraq Is Running Out of Time to Move Its Oil — And Every Option Is Dangerous

With over 90% of its annual budget historically coming from oil and around 95% of that black gold having to pass through the Strait of Hormuz before it is monetised, Iraq has at least as big a problem from the waterway’s closure as any country in the world. The temporary agreement it reached on 17 March with Iran that secured safe passage through the Strait for Iraqi ships has not provided the quick fix many might think. Despite the diplomatic agreement, most global shipping firms still refuse to send their vessels into the Gulf because…