Iraq-Kurdish Deal Resumes Ceyhan Oil Exports
Analysis based on 9 articles · First reported Mar 18, 2026 · Last updated Mar 18, 2026
The deal between Iraq and the Iraq===Kurdistan Region to resume oil exports via Turkey's Turkey===Ceyhan port provided modest relief to global oil supply concerns, causing Brent Crude and West Texas Intermediate prices to ease slightly. However, the ongoing Iran conflict and the effective closure of the Strait of Hormuz continue to keep oil prices elevated above $100 per barrel, indicating persistent market tension.
Oil prices eased slightly after Iraq and Kurdish authorities reached a deal to resume oil exports via Turkey's Turkey===Ceyhan port, providing some relief to Middle East supply concerns. This deal is expected to add at least 100,000 barrels per day of crude to the market. However, the broader Iran conflict continues to significantly impact global oil supplies, with exports from the Middle East largely halted and the vital Strait of Hormuz effectively shut, through which 20% of global oil passes. Brent Crude futures remain above $100 per barrel. Recent developments in the conflict include the killing of Iran's security chief Ali Larijani in an Israeli attack and the United States military targeting sites near the Strait of Hormuz due to Iranian anti-ship missile risks. Iran's new supreme leader has also rejected de-escalation offers. U.S. crude stocks reportedly rose in the week ended March 13.
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