Iraq pushes for higher prices on oil loaded outside Strait of Hormuz

Baird Maritime · 2026-09-01

Iraq has set floor prices for its Basrah Medium oil offered via a tender for loading in September from outside the Strait of Hormuz, a tender document reviewed by Reuters showed on Tuesday.

Iraq's national oil company SOMO is asking participants in its tender, issued last month, for a premium over the destination market benchmark, the document shows, and a trade source confirmed.

For September 1 to 10 lifting SOMO is asking for a minimum premium of 20 cents per barrel over the destination market benchmark, and for September 11 to 30 loading cargoes a floor of $3 per barrel premium has been set, the document shows.

Participants have to place revised offers within a day, the trade source said.

Iran’s state news agency IRNA reported last month that Tehran has granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz following repeated requests from Baghdad through various channels.

(Reporting by Nidhi Verma, Editing by Louise Heavens)

Source: Baird Maritime — read the full report

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