Iraq to keep exporting oil via Syria’s Baniyas at about 50,000 bpd even if Hormuz traffic normalizes

Iraq says it will maintain an alternative crude export route through Syria’s Mediterranean port of Baniyas even if shipping through the Strait of Hormuz returns to normal, starting at about 50,000 barrels per day with scope to expand. The plan follows disruptions after Hormuz closures exposed vulnerabilities in Iraq’s export system and pushed storage levels higher. The backdrop includes renewed market concern over Middle East shipping risks after U.S.-Iran talks were postponed and Iran’s IRGC warned vessels against entering the Strait. The arrangement does not add supply directly, but highlights uncertainty around key transit routes and supports the geopolitical risk premium in oil prices.