Oil prices moved lower on Monday after Russia restarted loadings at the Novorossiysk export hub. The return of activity at the Black Sea port created fresh pressure on global prices. Iraq monitored the movement closely as Iraq oil market trends continued to shift with every new event. Traders watched the situation carefully and reacted to every change.
Brent crude slipped 19 cents and settled at $64.20 per barrel. Meanwhile, U.S. West Texas Intermediate dropped 18 cents to $59.91. These declines came after both benchmarks gained more than two percent on Friday. That earlier rise followed a temporary export halt at Novorossiysk and a nearby Caspian Pipeline Consortium terminal. The stoppage affected nearly two percent of global crude supply.
Novorossiysk restarted loadings on Sunday, according to industry sources. LSEG data confirmed the renewed activity. However, Ukraine’s attacks on Russian energy sites still influenced trader sentiment. These repeated strikes created uncertainty across the market. Ukraine said its forces hit the Ryazan refinery on Saturday. The country also confirmed another strike on the Novokuibyshevsk refinery in the Samara region. These attacks raised questions about long-term Russian export stability.
Analysts also tried to understand how investors viewed these events. Scott Shelton from TP ICAP Group said early weakness came from the port restart. Yet he added that the pressure did not last long. Toshitaka Tazawa from Fujitomi Securities explained that investors studied the long-term impact of the ongoing attacks. He added that traders wanted clarity on future Russian export levels.
Furthermore, investors watched the effect of Western sanctions on Russian supply. The United States banned new deals with Russian companies Lukoil and Rosneft after November 21. American officials hoped these steps would pressure Moscow toward peace talks. U.S. President Donald Trump also announced new legislation. He said the proposals would punish any country that continued business with Russia. He also warned that Iran could face the same pressure.
OPEC+ also influenced Iraq oil market trends. The group confirmed a December output increase of 137,000 barrels per day. The group kept the same level for October and November. In addition, OPEC+ agreed to pause further increases during the first quarter of next year. Market observers studied these decisions and evaluated their impact on global supply.
An ING report said the market may remain in surplus through 2026. However, the report also warned of stronger risks from Ukrainian drone attacks on Russian facilities. It also mentioned Iran’s recent tanker seizure in the Gulf of Oman. That area handles nearly twenty million barrels per day of global flows. Such incidents add more pressure to Iraq oil market trends and global stability.
Despite the fluctuations, some experts expect support for prices. Dennis Kissler from BOK Financial predicted continued choppiness. He said geopolitical tensions and growing supply expectations keep the market unsettled. Meanwhile, speculators increased net long positions in ICE Brent by 12,636 lots last week. Data showed the total reaching 164,867 lots by Tuesday. ING linked this increase to short-covering. The bank noted that traders remain cautious due to sanctions uncertainty.
UBS analyst Giovanni Staunovo offered a slightly positive view. He said rising oil-on-water levels did not raise on-land inventories yet. He expects prices to move toward the lower range soon. However, he believes the second half of 2026 may bring stronger support.
Overall, global movements shaped Iraq oil market trends and influenced investor confidence. Iraq continues to track every development to protect its economic stability.