Beijing/Singapore – Web Desk: Oil prices eased on Wednesday after Iraqi and Kurdish authorities reached a deal to resume exports via Turkey’s Ceyhan port, offering limited relief amid ongoing Middle East supply concerns.
Brent crude futures, which have remained above $100 per barrel for four consecutive sessions, pared some of Tuesday’s sharp gains. After climbing over 3% on Tuesday, Brent slipped 67 cents (0.65%) to $102.75 per barrel by 0209 GMT. U.S. West Texas Intermediate (WTI) crude fell $1.18 (1.23%) to $95.03 per barrel.
Iraq’s Oil Minister, Hayan Abdel-Ghani, said exports from Ceyhan were expected to resume at 0700 GMT on Wednesday, aiming for an initial 100,000 barrels per day (bpd). Analysts note that while this helps, Iraq still faces a loss of about 2 million bpd due to halted flows from its southern oilfields, where production has plunged 70% to 1.3 million bpd amid the ongoing Iran conflict and Strait of Hormuz disruptions.
The tensions escalated after Iran confirmed the death of its security chief Ali Larijani in an Israeli attack. U.S. forces also targeted Iranian coastal positions near the Strait of Hormuz due to threats from Iranian anti-ship missiles, raising concerns for international shipping.
Energy analysts warn that despite the Iraq-Kurdish deal, the ongoing conflict in the Middle East continues to keep global oil supply risks elevated, sustaining high crude prices.
