Iraq ‌said it’s in contact ​with Iran to ​allow some oil ​tankers to pass through the ⁠Strait of Hormuz after the OPEC nation was forced to reduce oil output to a quarter.

Oil prices reverse from early slide. Iran expands list of targets, South Pars natural gas field hit. Iraq reaches export deal.

Iraq has been cut off from trade via the Strait of Hormuz as the war with Iran has developed over the last two weeks. An oil and trade dispute between Baghdad and the autonomous Kurdistan Regional

The Iraqi government is contacting Iran to secure passage for oil tankers through the closed Strait of Hormuz while simultaneously working to restore a northern export route to mitigate critical production cuts.

An attack off the Iraqi coast engulfed two oil tankers in flames, killing at least one person. Senior Iraqi officials believe the attack was Iranian.

S&P Global placed Iraq's "B-" long-term sovereign credit rating on CreditWatch negative on Tuesday, citing the ​risk of a downgrade after a sharp drop ‌in the country's oil output tied to escalating conflict in the Middle East.

Iraq is seeking tender offers to export oil through ports in Syria and Jordan after shipments through the Strait of Hormuz were largely halted by threats and attacks from Iran. The blockade of the strait has forced Iraq to lower its output from roughly 4.

Oil and gas production across Iraq’s northern Kurdish region has been suspended after attacks targeted energy facilities, the regional government