Iraq FM: Iran war cost $60b in lost oil exports, reaches understanding with US

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Iraq reaches US understanding on oil passage through Hormuz

Iraq has reached an understanding with the United States to allow its oil exports through the Strait of Hormuz, Foreign Minister Fuad Hussein said, according to The Jerusalem Post and gCaptain. The proposed route runs through a shipping lane near Oman. The Jerusalem Post and India Times reported that Hussein put Iraq’s losses from the Iran war and oil export disruptions at $60 billion. India Times said exports recovered to 3.5 million barrels per day in October; the reports do not specify when the new arrangement takes effect.