# SOMO

Oil for Risk: Baghdad’s Desperate Gambit to Breach the Hormuz Blockade

Iraq is offering a massive $33.40 per barrel discount on its crude oil to incentivize buyers to transit the dangerous Strait of Hormuz. Following a 70% drop in export volumes due to US-Israel-Iran military tensions, Baghdad is also diversifying its export strategy through pipelines in Turkey and truck convoys through Syria.