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Iraq Resumes Limited Oil Exports, Keeping Prices Steady Amid Global Tensions

KVIA•Wednesday, March 18, 2026 at 10:56 AM•CNN Newsource

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Oil prices remained stable on Wednesday following Iraq's agreement to resume crude exports through Turkey's Ceyhan port, specifically from the Kirkuk oil fields. Although the initial flow is modest at 250,000 barrels per day, it marks a positive development amidst ongoing disruptions in the Strait of Hormuz, which has significantly affected global oil supply. Brent crude was priced at $103.7 per barrel, while WTI fell to just under $95. The situation remains tense as Iran continues to escalate its military actions, impacting market sentiments and the broader economic outlook. Investors are closely monitoring the Federal Reserve's upcoming meeting for insights on how these oil price movements could influence inflation and interest rates.

Key Details: • Iraq's Kirkuk oil field exports resume at 250,000 barrels per day. • Brent crude priced at $103.7 per barrel; WTI at just under $95. • Strait of Hormuz blockage affects about 20 million barrels of global oil supply daily. • Investors should watch for Federal Reserve meeting outcomes regarding inflation and interest rates.

turkey oil inflation iraq global-economy

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