Iraq delays July public salaries as Strait of Hormuz blockade guts oil revenue

Iraq has announced a delay in the payment of July public salaries as a blockade of the Strait of Hormuz severely impacts the nation's oil revenues. The disruption has caused a dramatic contraction in export volumes, dealing a heavy blow to state finances dependent on petroleum shipments.

According to figures provided by Iraq’s Oil Ministry, the country's oil exports experienced a steep decline, plunging from 100 million barrels in February to approximately 32 million barrels during both May and June. The resulting shortfall in revenue has left the government unable to meet its regular domestic financial obligations on schedule.