Commodities
Iraq Oil Exports Resume Amid Ongoing Iran Conflict
Oil prices declined on Wednesday after Iraq resumed crude exports via pipeline to Turkey's Mediterranean port of Ceyhan, providing some relief from disrupted supply.
Despite this development, oil production in Iraq remains at one-third of pre-crisis levels, and tanker traffic through the Strait of Hormuz is still largely restricted.
The Iran conflict continues to weigh on global markets, with no signs of de-escalation. Brent futures prices have settled above $100 per barrel for four consecutive sessions.
US crude stocks rose by 6.56 million barrels in the week ended March 13, according to API figures. This is a significant increase from a Reuters poll that predicted a rise of about 380,000 barrels.