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Oil prices rise as Iraq's Hormuz exports collapse

Iraq's Hormuz oil exports collapse in April, sending oil prices higher. Brent at $83.80, WTI at $79.50.

Matthew King
ByMatthew King- Senior Editor
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Iraq's crude oil exports through the Strait of Hormuz plunged to 10 million barrels in April, down from a historical 93 million barrels monthly before the Iran war.

Oil Minister Basim Mohammed announced the figures on Saturday.

The near-total closure of the key chokepoint due to conflict has slashed exports from Saudi Arabia, UAE, Kuwait, and Iraq, pushing global crude benchmarks sharply higher.

Baghdad has turned to overland exports via the Kirkuk-Ceyhan pipeline, resumed in March. Mohammed stated: "We export 200,000 barrels through Ceyhan, aiming to increase to 500,000."

Iraq plans to engage OPEC to boost production capacity to 5 million barrels per day.

Brent crude settled 1.2% higher at $83.80, while WTI gained 1.4% to $79.50. The weekly rally overcame initial EIA data showing a surprise stock build.

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