Baghdad: Oil prices fell by more than 1% today, driven by the resumption of crude exports from the Kurdistan Region of Iraq via Turkey, which increased global supplies and eased shortage fears.

According to National Iraqi News Agency, Brent crude futures fell to $69.39 per barrel, while US crude futures fell to $64.99 per barrel, amid expectations of additional flows that would enhance market balance.

The Iraqi Oil Marketing Company (SOMO) announced the resumption of exports from the Kurdistan Region via a pipeline to the Turkish port of Ceyhan, after a two-and-a-half-year hiatus. This adds approximately 500,000 barrels per day to global supplies, according to OPEC estimates.