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Oil Prices Fall After Iraq-Kurdistan Pipeline Deal

Published March 18, 2026, 08:17
Oil Prices Fall After Iraq-Kurdistan Pipeline Deal

Oil prices declined on Wednesday following an agreement between Iraq and the Kurdistan Regional Government to resume oil exports via the Turkish pipeline, easing concerns about potential supply disruptions. Brent crude is trading below $101 a barrel, while US West Texas Intermediate (WTI) crude is around $93. However, Iraq's production remains below previous levels, and the Strait of Hormuz continues to be a source of concern due to geopolitical instability in the region. Analysts predict Brent could trade between $95 and $110, with potential for further increases in case of escalated tensions. Rising energy prices are exacerbating inflationary pressures, with US diesel prices exceeding $5 a gallon.