The Russian FP-9 ballistic missile will be capable of striking Moscow this autumn; Operation 'Vivaldi' continues to advance vigorously.

Good people differ in their kindness, but extremists all think alike. Even a certain pro-Russian Chinese netizen once said: 'We want only the island—not the people on it.' 【1.6】A humiliating spectacle by Russians: In Russia’s Krasnodar Krai region, locals attempted to transport a Mi-2 helicopter using a pickup truck—and, unsurprisingly, overturned. zhihu.com/video/2090210... 【Xiao Kao’s Sponsored Product Promotion】‘Only Premium Goods Recommended’ Series: Extremely rare 17° French dry red wine! Packed in oversized Burgundy-style 1-kilogram bottles—50% larger than standard dry reds! Priced at ¥1,288 offline, it’s served in first-class airline cabins and enjoyed exclusively by a select few affluent diners. Today, it’s available at an unexpectedly low price—and buying six bottles comes with a free electric corkscrew! Click the blue text to view details and place your order. II. News from the Middle East: 【2.1】On the 3rd, Iraq’s state-owned oil tanker company confirmed it had dispatched a large oil tanker through the Strait of Hormuz carrying two million barrels of crude oil, delivering it to buyers waiting outside the strait. According to senior company executives, this marks the first time in decades that the state-run firm has adopted such delivery methods. Other Gulf oil-producing countries have long employed ship-to-ship transfers for deliveries outside the strait; Iraq has simply arrived late. Ali Kaiss Abdul Jabbar, CEO of the Iraq Tanker Company, stated in a press release that ship-to-ship transfers grant the State Organization for Marketing of Oil (SOMO) greater autonomy and flexibility in both oil sales and pricing. Previously, Iraq primarily delivered oil to buyers at its southern port of Basra. Following the outbreak of hostilities involving Iran, shipping through the Strait of Hormuz became severely disrupted. To incentivize buyers to ‘come pick up the cargo,’ Iraq offered discounts of over $20 per barrel. Yet due to competing price cuts by neighboring countries and extremely high shipping risks, Iraq failed to boost its oil sales. Ali Nizar, Director General of SOMO, remarked: “Competition is fierce. Kuwait and Qatar are offering even steeper discounts—up to $35 per barrel.” Moreover, Saudi Arabia, the UAE, and other nations had already begun earlier employing ship-to-ship transfers to deliver crude oil beyond the Strait of Hormuz. Iraq ranks among the Gulf oil producers most severely constrained by this chokepoint. Prior to the conflict, 95% of Iraq’s oil exports transited the Strait of Hormuz, and 90% of government revenue came from oil. With passage through the strait obstructed, Iraq has been forced both to cut production and to reduce reliance on Gulf shipping routes—pursuing export diversification, including via pipelines through Turkey and Syria. Now, adopting short-distance transfer operations may help revive its oil exports. The Iraq Tanker Company’s announcement also delivers a sharp rebuke to bloggers who repeatedly exaggerate Iran’s military might and claim it can sustainably blockade the Strait of Hormuz. In reality, despite repeated boasts by Iran’s theocratic regime, it lacks the capability to fully seal off the strait. Yes—the rhetoric is thunderous, yet the feat has never been accomplished. 【2.2】U.S.–Iran diplomatic tensions persist: Two members of Iran’s delegation attending the UN General Assembly in New York were expelled from the United States after ignoring instructions to depart. On the 3rd, an anonymous U.S. official stated that, long after the conclusion of the UN General Assembly session, U.S. authorities discovered two Iranian delegation members still remaining in New York—and they have since been deported.

Iraq rolls out its largest discount ever: $33 per barrel—but buyers must traverse the perilous Strait of Hormuz to collect their cargo.

This steep discount comes with a critical condition: buyers’ tankers must navigate the Strait of Hormuz and proceed deep into the Persian Gulf to complete loading. Since regional hostilities erupted at the end of February, this maritime corridor has effectively ground to a halt. Discount magnitude: Time-based pricing, with maximum relief of $33.40 per barrel According to a SOMO notice dated May 3, seen by Bloomberg News, the discount varies depending on the loading timeframe: ・Basrah Medium crude loaded between May 1–10: $33.40 discount per barrel ・Basrah Medium crude loaded during the remainder of May: discount narrowed to $26 per barrel ・Basrah Heavy crude: $30 discount per barrel off the official price Additionally, last week SOMO separately auctioned Qaiyarah crude via spot tenders—yet again requiring loading deep inside the Persian Gulf. Risk assumption: Force majeure explicitly excluded One clause in this pricing notice warrants close market attention. SOMO explicitly states: “Given that this offer is issued under known exceptional circumstances, force majeure clauses shall not apply to this quotation.” In other words, Iraq has formally classified current geopolitical risks as ‘known conditions.’ Once buyers accept the May pricing terms, any losses incurred en route due to hostilities cannot be excused under force majeure provisions. Effectively, Iraq has transferred the entire risk of navigating the Strait of Hormuz directly onto the buyer. Near-total shipping paralysis: Only two tankers completed loading in April The extraordinary size of these discounts stems from Iraq’s severe export crisis.

Iraq Shifts Oil Strategy by Arranging Tanker to Move Past Hormuz

Oct 4, 2026

Iraq’s state tanker company arranged a VLCC to transport crude beyond the Strait of Hormuz for the first time in decades, shifting its marketing strategy outside the Persian Gulf. This aims to secure better prices and reach refiners avoiding the strait amid disruptions.

bloomberg

2026-10-04

Iraq Shifts Oil Strategy by Arranging Tanker to Move Past Hormuz

Iraq Shifts Oil Strategy by Arranging Tanker to Move Past Hormuz

FAQ