Oil Market Update: Iraq’s Export Resumption and Persistent West‑Asia Tensions On 18 March 2026 , global oil prices fell by more than $2 per barrel after Iraq and the Kurdish regional authorities reached an agreement to restart crude shipments through Turkey’s Ceyhan port . The move offered limited relief to a market still rattled by the ongoing Iran conflict , which has halted most West‑Asian exports. Key Developments (18‑19 March 2026) Brent futures slipped $2.26 (2.19%)** to **$101.16 per barrel** by 04:29 GMT. U.S. West Texas Intermediate fell $2.99 (3.11%)** to **$93.22 per barrel**. Iraq’s Oil Minister Hayan Abdel‑Ghani announced that shipments from Ceyhan would commence at **07:00 GMT** on 18 March, targeting at least **100,000 barrels per day**. Analysts noted that despite the price dip, the market remains in a **$100‑plus per barrel** environment, with the Strait of Hormuz crisis unresolved. Important Facts Iraq’s southern oilfields, which supply the bulk of its crude, have seen production plunge **70% to 1.3 million bpd**, reflecting the impact of the conflict. Iran confirmed the death of security chief Ali Larijani** in an Israeli strike, the most senior loss since the killing of Supreme Leader **Ayatollah Ali Khamenei** at the war’s outset. The U.S. military conducted strikes on Iranian coastal sites near the Strait of Hormuz to neutralise anti‑ship missiles threatening international shipping. U.S. crude inventories rose by **6.56 million barrels** in the week ending 13 March, according to the API , exceeding the Reuters poll estimate of a 380,000‑barrel rise. UPSC Relevance The episode illustrates