Oil prices posted modest gains after four consecutive sessions of decline, recovering some ground as supply complications in Iraq introduced renewed caution among traders. The Brent benchmark edged higher to around USD 93 per barrel, while West Texas Intermediate settled just below USD 90.
At the centre of the reversal is the stalled resumption of crude oil exports from northern Iraq. The pipeline linking the Kurdish region to the Turkish port of Ceyhan has remained inactive since March 2023. A trilateral agreement involving Iraq’s federal government, the Kurdish regional authority and private producers had raised expectations of an imminent restart. However, two companies involved are now withholding output until past receivables are formally settled, putting the agreement’s implementation on hold.
Challenger Energy Group Plc (LON:CGE) is an Atlantic-margin focused energy company, with production, development, appraisal, and exploration assets in the region. Challenger Energy’s primary assets are located in Uruguay, where the Company holds two high impact offshore exploration licences, totalling 19,000km2 (gross) and is partnered with Chevron on the AREA-OFF 1 block. Challenger Energy is quoted on the AIM market of the London Stock Exchange.
