Iraq and Pakistan strike energy deals with Iran as Tehran flexes Hormuz control, according to Reuters
- Both Iraq and Pakistan have cut deals with Iran to ship oil and liquefied natural gas from the Gulf, according to five sources with knowledge of the matter, in a demonstration of Tehran's ability to control energy flows through the Strait of Hormuz.
Context
Iraq and Pakistan's energy agreements with Iran highlight Tehran's strategic leverage over crucial oil and LNG transit routes, particularly through the Strait of Hormuz. This development could affect global energy prices and influence regional stability, potentially prompting reactions in the FX and commodities markets as traders gauge the implications for U.S. sanctions and geopolitical tensions.
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