Oil prices fell over 3% at $ 92.66 per barrel on Wednesday, trimming recent gains after Iraq and Kurdish authorities agreed to resume exports via Turkiye’s Ceyhan port, easing supply concerns. Brent crude dropped to $100.34, while U.S. West Texas Intermediate fell to $91.45. Back in India, MCX crude declined 2.8% to ₹8,624 per barrel. Despite the pullback, prices remain elevated, up over 40% since the start of the US-Iran conflict, which continues to disrupt key supply routes through the Strait of Hormuz and keep global markets on edge. However, weakness in the US dollar continued to cushion the energy prices, with the dollar index trading under 100 mark.
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