The Strait of Hormuz crisis has not fundamentally altered Iraq’s upstream ambitions, but it has changed the order in which they are being pursued. Three distinct strategies are beginning to emerge: incumbent operators supporting recovery, investors positioning for Iraq’s future growth and service companies tackling the infrastructure constraints exposed by both. Together, they provide an early indication of where capital is likely to flow, which projects will regain momentum first and how Iraq intends to balance immediate recovery with its longer-term production ambitions.