Iraq is reportedly ready to restore oil exports to 3.4mln bpd within a week, if shipping in the Strait of Hormuz resumes

Iraq's potential restoration of oil exports to 3.4 million bpd indicates a significant supply increase that could influence global oil prices. Should shipping in the Strait of Hormuz resume, this could ease pressure on the market and affect the balance of supply and demand, particularly for WTI crude. Traders should watch for any geopolitical developments that might impact this situation, as the Strait is a critical chokepoint for oil transport.