Baghdad:Brent crude traded near $103 per barrel after a recent decline of 2.6%, while West Texas Intermediate (WTI) crude was at approximately $89.

According to National Iraqi News Agency, oil prices have stabilized following their sharpest drop in over a week. This stabilization comes as Middle East supplies are reported to have returned to near pre-war levels, largely due to Saudi Arabia resuming oil flows through a pipeline that bypasses the Strait of Hormuz.

The resumption of these oil flows is seen as a significant factor in the stabilization of prices, as it helps ensure a more stable supply from the region.