Iran Allows Some Iraqi Oil Tankers Through Strait of Hormuz

The selective nature of the exemption matters more than the easing itself: it suggests Iran is calibrating pressure rather than lifting it, keeping the strait as a bargaining chip while granting a narrow concession to a neighbour. That distinction affects how shippers, insurers and refiners price transit risk through Hormuz, since a partial green light does not restore the broad predictability they need. Whether the exemption widens to other flag carriers or remains confined to Iraqi vessels is the open question to watch.