Singapore, March 18 (QNA) - Oil prices declined on Wednesday following the resumption of crude exports from Iraq's Kirkuk oilfields to Turkiye's Ceyhan port, easing concerns over supply disruptions in global markets.

The pullback comes despite persistent geopolitical tensions linked to the US-Israeli conflict with Iran, which have significantly disrupted regional oil flows. Brent crude had settled above the $100 per barrel mark over the previous four consecutive sessions.

Brent crude futures fell by $1.51, or 1.46%, to $101.91 per barrel, after rising more than 3% in the prior session.

US West Texas Intermediate (WTI) crude declined by $2.75, or 2.86%, to $93.46 per barrel.

Iraq's North Oil Company announced earlier the resumption of exports from the Kirkuk fields to the Turkish port of Ceyhan, with initial volumes estimated at 250,000 barrels per day.

The company confirmed that production and export operations have resumed following a period of suspension, marking a significant return of supply to international markets.

The additional volumes have helped ease immediate supply concerns, contributing to a relative stabilization in market sentiment. However, prices remain elevated near the $100 threshold amid the absence of any clear resolution to tensions in the Strait of Hormuz, a critical global energy transit chokepoint. (QNA)