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The news. The narrative. The timeline.
CNBC reports that Iraq declared force majeure on foreign-operated oilfields after Hormuz disruption made crude shipment impossible. That pushed oil higher and gave the market a fresh reason to treat the war as a real supply event, not just a nerves event.
CNBC's live market coverage presents Iraq's force majeure as a concrete escalation in the oil story, helping drive prices and broader market weakness.
Market accounts treated the Iraq move as proof that the war's economic language is shifting from disruption risk to actual inability to move volume.
Friday's market selloff accelerated after CNBC reported that Iraq had declared force majeure on foreign-operated oilfields because crude could not move through the Strait of Hormuz. [1]
That matters because it turns a story about risk into a story about impaired movement. Markets can talk themselves out of nerves. They take longer to talk themselves out of force majeure.
-- KATYA VOLKOV, Moscow