Energy & Shipping Shock: Iranian crude and condensate exports fell to a six-year low in May, with analysts pointing to the U.S. naval blockade and Strait of Hormuz disruption that’s also hitting regional exporters and insurers. Iraq Oil Exports & Routes: Iraq is pushing to restart and expand oil output and exports via alternative corridors, including Turkey’s Ceyhan route and plans tied to Development Road logistics. Kurdistan Oil Operations: Baghdad and Kurdistan Region authorities are moving to resume oil operations and exports, with Ceyhan-linked arrangements highlighted as key for revenue stability. State Control & Security: Iraq’s government is intensifying efforts to centralize weapons under state authority and tighten ties with armed groups, signaling a major shift in how security and industry-linked stability are managed. Trade Policy Pressure: The U.S. proposes forced-labor-related tariffs that include Iraq, adding new compliance risk for Iraqi exporters. Basra Border Move: Basra is set to inaugurate Iraq’s largest border crossing with Iran next week, a practical step for cross-border trade flow amid regional tension. Business & Infrastructure: Turkey is discussing reviving the Hejaz Railway and extending it toward Oman as an alternative trade corridor to reduce chokepoint dependence.