Iraq offers massive oil discounts to offset Strait of Hormuz risks

Iraq is offering significant oil discounts to mitigate risks associated with the Strait of Hormuz, driven by escalating regional tensions. These discounts, up to $33.40 per barrel, target Basra crude grades and reflect Iraq’s reliance on this waterway for exports. The move highlights Iraq’s vulnerability and strategic efforts to maintain market share amidst geopolitical instability.