Iraq's State Oil Marketing Organization notified customers on April 5 that all its loading terminals were operational, Bloomberg reported the next day. An Iranian military spokesperson on April 4 said Iraq was exempt from shipping restrictions in the Strait of Hormuz, and one tanker carrying Iraqi crude has since crossed the strait without issue.

Iraq is the Gulf's and OPEC's second-largest oil producer, and a full-return of its oil production, which was around 4.2 million barrels per day prior to the Iran war, and exports from Basra would bring roughly one-sixth of the Strait of Hormuz's prewar oil flows back to the market.