Washington reupped its 90-day Iran sanctions ‘waiver’ for Iraq this week for the third time, enabling Baghdad to continue importing electricity and natural gas from its eastern neighbor – a crucial lifeline for reducing chronic (and destabilizing) electricity shortages. The last such waiver was granted in December (MEES, 4 January).

The issue is a sore one for both Iraq and the US. Iraq imports some 750mn cfd of gas and around 1-1.5GW of electricity from Iran, and without...