Iraq boosted regional exports by increasing oil output compared to June, aided by growing tanker shipments that largely offset the drop in Saudi and UAE exports. The consistent flow of oil shipments has eased concerns about global supply shortages. However, oil tanker traffic through the Strait of Hormuz and Bab al-Mandab remains below pre-war levels, which raises geopolitical risks in energy markets. Iraq’s seaborne crude oil shipments increased in July by more than 153 percent, or 757,000 barrels per day, compared to the previous month. According to Attaqa News, Iraqi oil shipments by sea rose to over 1.25 million barrels per day in July compared to 493,000 barrels per day in June.