Oil prices ease as Iraqi and Kurdish authorities agree to export deal

Core Viewpoint - Oil prices have eased after a deal between the Iraqi government and Kurdish authorities to resume oil exports via Turkey's Ceyhan port, but concerns remain due to ongoing conflicts in the region [1][2]. Group 1: Oil Price Movements - Brent futures prices have remained above $100 per barrel for four consecutive sessions, settling at $102.75 per barrel after a slight decrease of 67 cents [2]. - U.S. West Texas Intermediate crude dropped to $95.03, reflecting a decrease of $1.18 [2]. Group 2: Iraqi Oil Exports - Iraq is expected to resume oil flows from Ceyhan at a rate of at least 100,000 barrels per day, although this is not significant enough to offset the overall loss of about two million barrels per day due to the ongoing conflict [3]. - Oil production from Iraq's main southern oilfields has decreased by 70%, now at just 1.3 million barrels per day [4]. Group 3: Regional Conflict Impact - The conflict involving Iran has led to a halt in oil exports from the Middle East, particularly affecting the Strait of Hormuz, through which 20% of global oil passes [4]. - The death of Iranian security chief Ali Larijani and U.S. military actions against Iranian coastal positions have raised some hopes for a potential resolution to the conflict [5][6]. Group 4: U.S. Crude Stock Changes - U.S. crude stocks increased by 6.56 million barrels for the week ending March 13, with expectations of a smaller rise of about 380,000 barrels based on a Reuters poll [6].