Iraq’s crude oil exports from the southern port of Basra averaged approximately 870,000 barrels per day (bpd) in June, tripling the volume recorded in May.
The sharp increase follows a partial resumption of shipping traffic through the Strait of Hormuz, which had been constrained by geopolitical tensions earlier in the year.
State sources confirmed the data, marking a significant operational recovery for one of the world’s key oil-exporting hubs.
The rebound in Iraqi exports underscores the direct link between regional security dynamics and global energy supply.
As shipping lanes reopen, the risk premium that had supported higher oil prices is unwinding.
This development aligns with the broader market trend observed over the past two weeks, where Brent crude has slid toward multi-month lows amid advancing US-Iran peace talks and easing supply fears. The return of Iraqi volumes adds tangible supply to the market, reinforcing the bearish case for crude prices.