The United States and Iraq have finalized about $60 billion in agreements aimed at creating alternative oil export routes that bypass the Strait of Hormuz, according to a signing ceremony held at the U.S. Chamber of Commerce in Washington, D.C., on Saturday, July 18, 2026. The deals, attended by senior U.S. officials, corporate leaders, and Iraqi Prime Minister Ali al-Zaidi, focus on expanding energy infrastructure in Iraq. U.S. oil major Chevron signed three major agreements to accelerate its investments in Iraqi oil and gas. The measures seek to stabilize global energy supplies amid a U.S.-Iran war that has disrupted shipping and driven prices higher.

Prepared by Christopher Adams and reviewed by editorial team.