Iraq is pressing Iran to reopen the Strait of Hormuz and lift maritime blockades that have choked one of the most important oil chokepoints on the planet. The diplomatic push comes after months of disruptions that have rattled global energy markets and introduced Bitcoin into the world of supertanker tolls.

The Strait of Hormuz handles roughly 20% of the world’s seaborne oil trade. Before the crisis, that meant about 20 million barrels per day flowing through a narrow waterway between Iran and the Arabian Peninsula.

How we got here

The crisis traces back to the US-Iran conflict that reignited on February 28, 2026. Iran began restricting transit through the Strait in early March as a response to US and Israeli…