Energy Expert: Strait of Hormuz Closure Could Last a Year Amid Escalating Oil Rivalry in Iraq

A global energy and oil expert confirmed that reports of progress in negotiations regarding the Strait of Hormuz are merely media claims, noting that the Iranian position remains strictly uncompromising. Tehran's conditions for reopening the strait include the cessation of military operations against it, the withdrawal of military forces and bases from Gulf states, recognition of its role in controlling navigation security, and the imposition of transit fees ranging from 5 to 7 percent of the value of ships' cargo. These factors make the return of normal navigation highly unlikely at present, with probabilities that the crisis could persist for up to a year, foreshadowing severe repercussions on global oil prices and the world economy. In a related context, the expert pointed out that the conflict extends to influence within the Iraqi oil sector, amid intense competition to undermine Asian investment presence. The expert urged the Iraqi administration to strike a strategic balance and diversify its financial tools, suggesting the possibility of settling a portion of oil exports in alternative currencies and converting revenues into gold assets to ensure financial independence.