Iraq faces a critical July 27 deadline as its oil pipeline agreement with Turkey expires, threatening one of its only major export routes after the Strait of Hormuz closure.

Strait of Hormuz closure has badly affected Baghdad's revenue, forcing its economy into free fall

Iraq warns it may not pay public salaries if the Strait of Hormuz stays closed, as oil output drops by two-thirds and 25 trillion dinars are printed.

Iraq faces a critical July 27 deadline as its oil pipeline agreement with Turkey expires, threatening one of its only major export routes after the Strait of Hormuz closure.

Iraq is trying to reassert federal control over its fragmented energy sector, using the Hormuz crisis as a catalyst to centralize exports, revenues, and infrastructure.