Oil prices edge lower amid news of Iraq export deal

Oil prices declined Wednesday following an agreement between Baghdad and Erbil to restart crude exports from Iraqi Kurdistan, a region whose output had been disrupted by longstanding disputes between the Iraqi federal government and the autonomous Kurdish region. The deal signals a potential resolution to a conflict that has periodically constrained global oil supply and created uncertainty in energy markets. Lower prices reflect investor expectations that increased Iraqi exports will help satisfy global demand and ease concerns about regional supply disruptions. The agreement represents a significant diplomatic development in Iraq, where competition over oil revenues and territorial control has repeatedly stalled production from the country's resource-rich northern region.