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Iran's Khatam al-Anbiya Central Headquarters announced on Saturday that Iraqi ships are free to pass through the Strait of Hormuz, a critical conduit for global energy supplies. This decision exempts Iraq from all restrictions in the strait, with controls only applying to 'enemy countries'.The announcement reflects Iran's easing of its stranglehold on the strait, which has been effectively blockaded since the US and Israel launched their war on Iran on February 28. Despite this, maritime traffic has seen an increase in recent weeks, with 53 transits recorded last week, according to Lloyd's List Intelligence.Iran's military command emphasized its 'profound respect for Iraq's national sovereignty' and praised Iraq's struggle against the US. This move comes in response to US President Donald Trump's demands for Tehran to make a deal or relinquish control of the waterway, warning that 'all hell' would ensue within 48 hours otherwise. Iran's Khatam al-Anbiya Central Headquarters rejected Trump's demand, calling it a 'helpless, nervous, unbalanced and stupid action'. The blockade has significantly impacted global energy markets, pushing up fuel prices and prompting emergency energy conservation measures in many countries. Brent crude has hovered above $109 a barrel, with predictions of further price surges if the strait remains blocked. Iraq's oil production, which provides most of Baghdad's revenues, has been particularly affected, falling to 1.2 million barrels a day from 4.3 million barrels.

The United States has lifted sanctions against Venezuela's interim President Delcy Rodriguez, following her assumption of power after the abduction and imprisonment of her predecessor, Nicolas Maduro.The US Department of the Treasury updated its website to reflect Rodriguez's removal from the Specially Designated Nationals List, easing restrictions that had been in place since 2018.Rodriguez welcomed the decision, calling it a positive step towards normalizing relations between Venezuela and the US. She also urged the US to lift additional sanctions on Venezuelan entities and individuals.The move is seen as part of a shift in US-Venezuela relations, with Rodriguez taking a conciliatory approach to engage with the US. This includes efforts to open Venezuela's economy to greater outside investment, particularly in the oil and mining sectors.However, critics have raised concerns about the circumstances under which these reforms have progressed, given the US's continued pressure on Venezuela and the international community's concerns about human rights abuses in the country.The US embassy in Caracas has resumed operations after a seven-year closure, and international organizations like the United Nations have highlighted ongoing human rights issues in Venezuela.