Oil

Armed forces of the country are responsible for maintaining security of Strait of Hormuz.

Crude oil prices have been moving higher since last month and are up 33 per cent in the year to date.

The US decision damages regional cooperation and Turkey’s trade relations.

Most of Iraq'.s southern fields in Basrah are operated by international oil companies.

Turkey is loath to buy more oil from Saudi Arabia and the United Arab Emirates as the U.S. looks to squeeze exports from Iran. currently the third-largest supplier of crude to the Middle East’s biggest economy.

South Korea is sending a delegation to the United States to seek an extension of waivers which Washington ended on Monday with the aim of bringing Iran’s oil exports to zero.

Tehran has lashed out at Saudi Arabia and Bahrain for supporting Washington’s termination of sanctions waivers for major Iranian crude buyers. saying the Islamic Republic would allow no country to replace it in the oil market.

Donald Trump is betting that Saudi Arabia and other OPEC members make up for the shortfall.

IEA expects Iraq to add 1.2 million bpd in 10 years to reach 6 million bpd of production in 2030.

The U.S. move increase the risk of conflict in the Middle East.