Credit ratings agency ​Moody's on Friday ⁠revised Iraq's outlook to "negative" from "stable", citing risks to ‌the country's credit profile due to the ongoing Middle East conflict ​impacting energy flow and security.

"Iraq's heavy reliance on the ​oil sector implies ​that disruption to exports through the Strait of Hormuz – which accounts for around 90% of Iraq's ⁠crude oil exports – will materially reduce dollar inflows and fiscal revenues," Moody's said.

Output from the OPEC member's main southern oilfields has collapsed by around 80% due to ​the ‌U.S.-Iran war and ⁠the closure of ⁠the strait, pushing storage to high and critical levels, Iraqi ​energy officials said last month.

Iranian ‌Foreign Minister Abbas Araqchi said ⁠on Friday the strait was open following a ceasefire accord agreed in Lebanon, while U.S. President Donald Trump said he believed a deal to end the Iran war would come "soon", though the timing remains unclear.

Iraq resumed southern oil exports on Friday after a halt of more than a month, four energy ‌sources told Reuters.

"Even under a scenario in ⁠which the ceasefire were to be sustained, ​we expect it will likely take some time for flows through the strait to return to normal," ​Moody's added ‌in its report.

The agency maintained the country's ⁠ratings at "Caa1". (Reporting by ​Unnamalai L in Bengaluru; Editing by Vijay Kishore)