Iraq Resumes Oil Exports 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 amid disrupted supply from Gulf producers.
The move came as US West Texas Intermediate crude dropped $1.56, or 1.6%, to $94.65 a barrel by 0902 GMT on Wednesday, while Brent futures fell 31 cents, or 0.3%, to $103.12 a barrel.
Despite the resumption of exports, supply relief remains limited, with Iraq's production at roughly one-third of pre-crisis levels and tanker traffic through Hormuz still largely restricted, according to MUFG analyst Soojin Kim.
The Iran conflict continues to weigh on oil prices, with no signs of de-escalation in the conflict. Iranian security chief Ali Larijani was killed in an Israeli attack, and the US military targeted sites along Iran's coastline near the Strait of Hormuz due to concerns over Iranian anti-ship missiles posing a risk to international shipping.