Iraq says it lost $60b from Iran war, reaches understandings with US on Hormuz oil route

Iraqi Foreign Minister Fuad Hussein said Iraq lost $60 billion from the Iran war and reached an understanding with the US to allow Iraqi oil exports through the Strait of Hormuz via a shipping lane near Oman. Iraq's oil exports recovered to about 3.5 million barrels per day in October. The US also asked Iraq to close most border crossings with Iran.

Iraqi Foreign Minister Fuad Hussein said in an interview with Al Jazeera that Iraq has reached an understanding with the United States to allow Iraqi oil exports through the Strait of Hormuz via a shipping lane near Oman. He stated that Iraq's losses from the Iran war and disruptions to oil exports had reached $60 billion. Iraq's oil exports recovered in October to about 3.5 million barrels per day from 2.65 million in September, according to Iraqi energy officials. Hussein also said the US Treasury had asked Iraq to close all but two of its border crossings with Iran as part of Washington's campaign to increase economic pressure on Tehran. One of the two crossings that would remain open is in the Kurdistan Region. Iraq has already closed some crossings with Iran in recent weeks, including the Al-Sheeb crossing in the south, citing security and infrastructure upgrades. Tehran criticized that decision, saying Baghdad had not given advance notice. Separately, Iran's Revolutionary Guards reported that four oil tankers were destroyed after striking naval mines while trying to traverse a prohibited route south of the key waterway, and that two other vessels had been seized. The IRGC also said two oil tankers and a tugboat caught fire in separate incidents after attempting to use unauthorized routes through the Strait of Hormuz. On Sunday, Iran's navy said an oil tanker caught fire after striking a naval mine east of the Strait of Hormuz.