# Iraq's Hormuz Deal Reopens the Spigot - and the Oil War Premium Is Coming Off

> Iraq and the United States reached an understanding to resume Iraqi crude shipments through a shipping lane near Oman in the Strait of Hormuz. The article says Gulf crude flows recovered to 16.6 million barrels per day in October and that the increased supply has helped bring Brent down to about $97 per barrel.

- Date: 2026-11-09 · published 2026-11-09T15:17:18.760Z
- Category: geopolitics · region Iraq / Strait of Hormuz · magnitude medium
- Page: https://feedsoft.ai/events/89769-iraq-s-hormuz-deal-reopens-the-spigot-and-the-oil-war-premium-is-coming-off
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Restored Iraqi exports and recovering Gulf flows add supply to the global market, easing scarcity and the crude war premium. This is bearish for crude prices, although the article notes OPEC+ may weigh the returning supply in its next policy decision.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-06-25 | [Brent oil erases wartime gains as Hormuz reopening boosts supply - The Japan Times](https://feedsoft.ai/events/18992-brent-oil-erases-wartime-gains-as-hormuz-reopening-boosts-supply-the-japan-times.md) | -2.4% | +23.0% |
| WTI | 2026-06-01 | [Why South Africa is becoming one of Africa's most watched forex stories as the rand rebounds on US Iran peace deal hopes](https://feedsoft.ai/events/19549-why-south-africa-is-becoming-one-of-africa-s-most-watched-forex-stories-as-the.md) | +1.7% | -21.8% |
| WTI | 2026-04-17 | [Oil price drops below $90 a barrel after Iran says strait of Hormuz is open \| Oil \| The Guardian](https://feedsoft.ai/events/8812-oil-price-drops-below-90-a-barrel-after-iran-says-strait-of-hormuz-is-open-oil.md) | +2.3% | +7.9% |
| WTI | 2026-04-17 | [Oil prices: Oil tumbles more than 10% as Iran declares Strait of Hormuz open](https://feedsoft.ai/events/8808-oil-prices-oil-tumbles-more-than-10-as-iran-declares-strait-of-hormuz-open.md) | +2.3% | +7.9% |
| WTI | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | +0.0% | -5.8% |
| BRENT | 2026-06-25 | [Brent oil erases wartime gains as Hormuz reopening boosts supply - The Japan Times](https://feedsoft.ai/events/18992-brent-oil-erases-wartime-gains-as-hormuz-reopening-boosts-supply-the-japan-times.md) | -3.4% | +29.1% |
| BRENT | 2026-05-06 | [Oil and gas prices fall sharply, driven by hopes of strait of Hormuz reopening – as it happened \| Business \| The Guardian](https://feedsoft.ai/events/9584-oil-and-gas-prices-fall-sharply-driven-by-hopes-of-strait-of-hormuz-reopening.md) | -2.3% | -11.1% |
| BRENT | 2026-04-17 | [Oil price drops below $90 a barrel after Iran says strait of Hormuz is open \| Oil \| The Guardian](https://feedsoft.ai/events/8812-oil-price-drops-below-90-a-barrel-after-iran-says-strait-of-hormuz-is-open-oil.md) | +1.3% | +0.6% |

## Sources

- ainvest.com: https://www.ainvest.com/news/iraq-hormuz-deal-reopens-spigot-oil-war-premium-coming-2611/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.