Trending Now - Iraq Resumes Oil Exports Through Turkey Amid Steady Prices

WHO:

Iraq's federal government

Kurdistan Regional Government (KRG)

Neil Wilson, strategist at Saxo

Iranian security source

Jim Reid, head of global macroeconomic research at Deutsche Bank

WHAT:

Iraq resumed crude oil exports via Turkey's Ceyhan port.

The pipeline exports from Kirkuk will flow at a rate of 250,000 barrels a day.

Brent crude traded at $103.7 a barrel; WTI dropped 1.5% to just shy of $95 a barrel.

Oil prices increased by around 40% since the United States and Israel attacked Iran on February 28th.

Two people were killed by missile shrapnel in Tel Aviv.

WHERE:

Kirkuk oil fields, Iraq

Ceyhan port, Turkey

Strait of Hormuz

Tel Aviv, Israel

WHEN:

Oil exports resumed on March 18th, 2026.

The attack on Iran occurred on February 28th, 2026.

The missile strikes in Tel Aviv occurred on March 18th, 2026.

WHY:

The resumption of oil exports is a response to the closure of the Strait of Hormuz, which has forced output cuts.

The KRG and Iraq's federal government agreed to take necessary security measures to protect oil fields and ensure continuity of exports.

HOW:

The oil will flow via the Kurdistan Region-Ceyhan pipeline.

Discussions are ongoing between Tehran and eight countries for safe passage through the Strait of Hormuz for tankers carrying oil traded in Chinese yuan.

(UPDATED March 18, 2026 13:29 UTC)

Today, Iraq has resumed crude oil exports via Turkey's Ceyhan port, with the pipeline from the Kirkuk oil fields expected to flow at a rate of 250,000 barrels a day. This move comes as oil prices have surged by around 40% since the U.S. and Israel launched an attack on Iran on February 28, and it coincides with missile strikes in Tel Aviv that killed two people. The Kurdistan Regional Government and Iraq's federal government have agreed to implement security measures to protect the oil fields and ensure the continuity of these exports.