Oil prices are nearing $100 as U.S. President Donald Trump announces an 'Economic D-Day' campaign against Iran, raising geopolitical risks in global markets.
This week, oil prices have been gradually rising, with Brent reaching $94 per barrel and Asian LNG prices at $24 per MMBtu.
Trump's announcement of starting economic warfare against Iran, threatening sweeping penalties, increases the risk premiums in the oil market.
Iraq, currently producing around 2.9 million b/d, aims to reach 8-10 million b/d within six years.
The U.S. is now receiving over 500,000 b/d of Venezuelan crude oil.
The Iraqi government has approved new export routes to reduce dependence on the Strait of Hormuz.
