Oil falls after Iraq resumes oil exports via Turkey's Ceyhan port

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Source: Reuters

LONDON, March 18 (Reuters) - Oil prices fell on Wednesday after Iraq resumed crude ‌exports via pipeline to Turkey's Mediterranean port of Ceyhan, providing hopes for some relief amid disrupted supply from Gulf producers.

With no signs of de-escalation in the Iran conflict, benchmark Brent futures prices have settled above $100 per barrel for the past four sessions.

After rising ​more than 3% on Tuesday, Brent futures were down 31 cents, or 0.3%, to $103.12 a barrel ​by 0902 GMT on Wednesday. U.S. West Texas Intermediate crude dropped $1.56, or 1.6%, to $94.65.

In ⁠Iraq, North Oil Company sources said exports had resumed via pipeline after Baghdad and the Kurdistan Regional Government (KRG) ​agreed on Tuesday to restart flows. Two oil officials said last week that Iraq was seeking to pump ​at least 100,000 barrels per day (bpd) through the port.

Read more: https://www.reuters.com/business/energy/oil-prices-drop-us-crude-inventories-show-an-increase-2026-03-18/

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I don't know how much this will help reduce the pump price, but I guess every little bit helps.

[Yo_Mama_Been_Loggin]

1. Curiously this article says just the opposite

Oil prices spiral again as White House moves make little impact

Oil prices continued their upward spiral Wednesday, as Israel and Iran threatened more attacks on petroleum facilities, jolting markets and sending the cost of a barrel of crude to nearly $110.

The price spike threatens more pain at the pump for American drivers. A gallon of regular unleaded gas already averages $3.84 nationally, according to AAA - an increase of 32 percent from just a month ago, before President Donald Trump launched strikes on Iran alongside Israel.

Trump has made conflicting statements about how soon the war might end, and White House moves to ease oil price increases have had little effect. Analysts have steadily increased oil price forecasts.

On Wednesday, Trump tried to fight spiraling oil prices with a 60-day suspension of the Jones Act, which prohibits foreign vessels from shipping oil and gas between U.S. ports. That could increase the pool of ships that can move the fuels across the United States. But analysts say the move is largely symbolic and will ease gas prices by only a couple of pennies at most.

https://finance.yahoo.com/news/oil-prices-spiral-again-white-164531411.html

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2. Over SIX BUCKS + a gallon here

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