Crude oil prices fall as Iraq resumes exports

Business Sep 23, 2025

Crude oil prices dipped on Tuesday, with Brent at $66.23 and WTI at $61.99, just as Iraq and Kurdistan agreed to restart northern oil exports after an 18-month break.

Resumption of oil exports

This move adds about 230,000 barrels a day back into the global market, contributing to Iraq's overall export volumes relevant to OPEC+ quotas and restoring a key supply line for Europe.
The North Oil Company of Iraq will now oversee these shipments—a big shift after a long legal standoff over who controls the region's oil money.

Global energy markets on edge

Even with more oil flowing, global energy markets are on edge.
Tensions like NATO accusing Russia of airspace violations and disruptions from the Israel-Gaza conflict keep things unpredictable as Kurdish exports resume.