Oil prices decreased slightly on 18 March following an agreement between the Iraqi Government and Kurdish authorities to restart oil exports through Turkey's Ceyhan port.
This development has eased some concerns regarding Middle East oil supply disruptions, reported Reuters.
Despite this, tensions related to the ongoing conflict involving Iran continue, with Brent crude futures holding steady at above $100 per barrel (bbl) during the last four sessions.
By early Wednesday, Brent crude futures experienced a minor decline of $0.31, or 0.3%, settling at $103.12/bbl, as reported at 09:02 GMT.
In parallel, US West Texas Intermediate (WTI) crude fell by $1.56, or 1.6%, reaching $94.65/bbl.
According to Iraqi state media, the country’s Oil Minister, Hayan Abdel-Ghani, announced that oil flows through Ceyhan were expected to resume at 07:00 GMT on 18 March.
Previously, officials indicated plans for Iraq to pump a minimum of 100,000 barrels per day through the port.
Production from Iraq's primary southern oilfields has decreased by 70% to 1.3mbbl/d, largely due to the conflict involving Iran.
The Strait of Hormuz, a crucial passageway for approximately 20% of global oil trade, remains effectively blocked amid these tensions.
Iran also confirmed that its security chief, Ali Larijani, was killed in an Israeli attack. This marks the highest-profile casualty since the death of supreme leader Ayatollah Ali Khamenei in late February, following the launch of the US and Israel’s Operation Epic Fury.
A senior Iranian official stated that the new supreme leader, Mojtaba Khamenei, had turned down de-escalation proposals forwarded by intermediary nations.
In response to emerging threats from Iranian anti-ship missiles near the Strait of Hormuz, the US military has conducted strikes along Iran’s coastal region.
