Oil prices steady amid Ukraine peace talks and Iraq export uncertainty

Oil prices remained stable on Monday as markets monitored diplomatic efforts to end the war in Ukraine and awaited clarity on the restart of crude exports from northern Iraq.

Brent crude rose 13 cents to $74.56 per barrel by 1103 GMT, while U.S. West Texas Intermediate (WTI) crude added 11 cents to $70.51.

Both benchmarks fell more than $2 on Friday, posting weekly declines of 0.4% for Brent and 0.5% for WTI. The market remains focused on efforts to end the Russia-Ukraine war, which enters its fourth year on Monday.

European Union leaders will meet on March 6 to discuss further support for Ukraine, while Russian and U.S. teams are set for talks this week.

Sanctions on Russian oil exports continue to affect global supply, but an end to the war would not necessarily increase Russian crude flows due to OPEC+ production limits. Meanwhile, Iraq is preparing to export 185,000 barrels per day from Kurdistan’s oilfields once shipments resume through the Iraq-Turkey pipeline, though the timeline remains uncertain.