Iraq’s State Organization for Marketing of Oil (SOMO) told Asian refiners on Sunday that its crude can now be loaded for shipment because Iranian authorities have granted an exemption allowing tankers to pass the Strait of Hormuz. The notice said all loading terminals, including Basrah, are operational and asked buyers to submit vessel details within 24 hours. Iraqi shipments are exempt from restrictions, the agency wrote.

Iran’s military spokesman confirmed the exemption but did not specify which vessels qualify. On Sunday the tanker Ocean Thunder, carrying about one million barrels of Iraqi crude, became the first to navigate the narrow waterway under the new arrangement. Asian buyers, who typically handle their own shipping under FOB terms, said they need clarification on whether Iraq will provide its own tankers for added security.

Export volumes have collapsed since the Strait’s closure a month ago, falling to an average of 99,000 barrels per day in March—a 97% drop from February. Transit data show the seven‑day average rising to its highest level since the war began, but overall traffic remains a fraction of pre‑conflict levels. The exemption gives Iraq a pathway to restore revenue, but buyer hesitancy keeps volumes muted.