Strict Iranian Conditions for Opening Hormuz Amid US-China Rivalry Over Iraqi Oil

Global energy experts confirmed that circulating reports regarding progress in US-Iranian negotiations are merely media claims. Tehran maintains strict conditions for reopening the Strait of Hormuz, notably the withdrawal of US military forces from the Gulf, recognition of its role in securing navigation, and imposing transit fees of 5 to 7 percent on ships. It also insists on blocking the passage of American and Israeli vessels, as well as those of countries that participated in the war against it. The crisis is expected to last up to a year, threatening a global rise in oil prices and damaging the global economy. In a related context, the Iraqi oil sector is witnessing fierce competition between Washington and Beijing, as the US seeks to curb growing Chinese influence. Iraq is advised to leverage this rivalry to achieve a strategic balance, with the possibility of using the Chinese Yuan for oil export settlements and converting revenues into gold to reduce total reliance on the dollar and enhance financial independence.