Sanctions Shock to Iran’s Trade Web: The U.S. Treasury unveiled “Operation Economic Outcast,” expanding secondary sanctions meant to “sever every economic lifeline” to Iran, targeting digital assets, technology, gold, aviation and shipping, with enforcement pressure aimed at Iran’s partners worldwide. Oil Market Spillover: Oil prices slid more than $2/bbl as investors weighed the new sanctions, while the Strait of Hormuz remains a central risk to supply. Iraq Oil Sector Under Reform Pressure: North Gas said Iraq’s oil-sector changes should protect workers’ rights and maintenance funding, after protests in Baghdad over new crude pricing rules that could squeeze refineries and domestic capacity. Hormuz Workarounds for Iraqi Exports: Iraq’s SOMO and QatarEnergy offered crude loading via bids that require cargoes to be loaded in/around the Strait of Hormuz, as maritime risks and insurance costs rise. Corporate Hedging on Hormuz: TotalEnergies CEO Patrick Pouyanné said shipping a supertanker through Hormuz can cost about $20 million, and the firm is backing pipeline projects to bypass the chokepoint, including an Iraq-to-Syria route. Water and Livelihoods in Babil: Improved rainfall revived buffalo herding and fishing in Babil, but UN data shows Iraq’s water recovery is still limited and climate stress continues to hit agriculture.