Iraq, KRG Resume Oil Exports; Eases Supply Fears

KRG Prime Minister Masrour Barzani cited "extraordinary circumstances" and a shared responsibility, thanking the US for its facilitative role. This agreement provides a crucial alternative export route amidst heightened global energy concerns following Iran's effective closure of the Strait of Hormuz since March 1.

The Strait, a critical chokepoint, previously saw around 20 million barrels of oil pass daily, and its disruption has pushed oil prices higher. While the resumption of northern exports offers a partial offset to losses from halted southern routes, discussions between Erbil and Baghdad are ongoing regarding trade restrictions and guarantees for oil and gas companies.

The broader regional crisis, including US-Israeli attacks on Iran and subsequent Iranian retaliation, continues to fuel market volatility, with around 1,300 casualties reported.