Due to the embargo, Tehran declared on Saturday the closure of the strait, where one-fifth of the world’s oil and gas supplies are transported. After the outbreak of the conflict on February 28, Iraq declared a fall in oil output to around 1.2 million barrels per day, down from roughly 4.3 million barrels earlier, as storage facilities hit capacity and regular export routes remained disrupted. According to recent data, Iraq’s oil exports in March 2026 fell to a historic low level of 600,000 barrels per day compared to 3.56 million barrels per day in February.

This dramatic drop in Iraqi oil exports reflects the country’s serious impact from the conflict between the United States and Iran, which interrupted supply to Asian countries, the largest importers of Iraqi oil. Data from the State Organization for Marketing of Oil (SOMO) showed that Iraq’s total oil exports in March 2026 reached approximately 18.6 million barrels, compared to approximately 99.8 million barrels in February and around 107.6 million barrels in January. The revenues generated from oil exports in March 2026 amounted to approximately $1.95 billion, compared to $6.81 billion in February and $6.48 billion in January.