Iran allows selective tanker passage through Hormuz amid sanctions push

Iran has allowed selective passage for specific tankers, including two Iraqi supertankers, through the Strait of Hormuz due to bilateral agreements. Meanwhile, the U.S. has expanded its 'Economic Fury' campaign, imposing sanctions on IRGC-linked oil networks and freezing $344 million in cryptocurrency associated with Iran's central bank. This situation is contributing to a rapid decline in global oil inventories, exacerbated by Middle Eastern output cuts and ongoing tensions in Hormuz, leading to increased price volatility in the energy market.