Summary

No country aside from Iran itself has felt the economic consequences of the U.S./Israel-Iran war more than Iraq. Over 90 percent of its annual budget historically comes from oil and around 95 percent of that historically had to pass through the Strait of Hormuz before it could be monetised. When Iran closed the strait on the first day of ‘Operation Epic Fury’, that vital oil transit route was shut to neighbouring Iraq, and its critical financial lifeline along with it.

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