Iraq is preparing to boost oil exports from its southern ports once the Strait of Hormuz reopens following a US-Iran deal, according to the oil ministry. The country is finalizing tanker nominations and handling buyer requests through state marketer SOMO to resume shipments "as soon as maritime navigation returns to normal."

The reopening of the vital waterway has sent benchmark Brent crude below $80 a barrel, offering relief from the worst supply disruption in history. Iraq has been quietly raising exports in recent days, shipping 1 million barrels daily in the first half of this month versus roughly 98,000 barrels in May. Other regional producers like the UAE and Kuwait have also increased shipments, though many have turned off transponders to avoid detection.

The speed of the export recovery hinges on tanker availability and how quickly oil infrastructure can return to full production. While there is no damage to export facilities, Iraq's oil fields will take time to reach previous output levels. The imminent reopening signals a significant shift in global supply dynamics.