Overview

• Four days of drone strikes in Iraqi Kurdistan have cut production by roughly 150,000 barrels per day, reducing output to about 130,000 bpd.
• Baghdad and the Kurdistan Regional Government (KRG) have struck a deal to resume oil flows through a pipeline to Turkey after a two-year suspension, offering near-term relief for lost volumes.
• The EU’s 18th sanctions package cuts the G7 cap on Russian crude to $47.6 per barrel and expands bans to refined products and additional shadow-fleet tankers, yet Russian exports have remained steady.
• Brent and WTI crude held modest gains in Asian trading as supply losses from Kurdish outages were offset by concerns over U.S.-Asia tariff threats and softer demand forecasts.
• Market participants remain skeptical that the latest EU measures will curb Moscow’s oil flows without firmer enforcement and broader international support.