Oil prices fall on Wednesday

Oil prices fell on Wednesday as Iraq resumed crude exports from the Kirkuk oil fields to Turkey’s Ceyhan port via pipeline, easing supply concerns in global markets despite ongoing Middle East tensions.

Brent crude dropped $1.51, or 1.46 per cent, to $101.91 per barrel, while US West Texas Intermediate fell $2.75, or 2.86 per cent, to $93.46, after gains of more than 3 per cent in the previous session.

The restart followed an agreement between Baghdad and the Kurdistan Regional Government to resume flows, with Iraq aiming to export at least 100,000 barrels per day through the route. The additional supply provided limited relief, although prices remained above $100 per barrel for a fourth consecutive session.

However, the conflict around the Strait of Hormuz continues to dominate market sentiment, with no signs of de-escalation and disruptions keeping a significant share of global oil supplies offline.

Attribution: Reuters