The Kurdistan Region Government in Iraq declared a halt to all oil exports on Friday after experiencing an attack on a crude oil pipeline earlier in the week.
The pipeline suffered an attack on Wednesday, disrupting the flow of crude.
The KRG-controlled area of Iraq manages oil exports through the pipeline to the Ceyhan port in Turkey.
The market is carefully watching Iraq's crude oil production and exports, as the most non-compliant member of the OPEC+ production cut agreement for nearly the entire duration of that agreement.
Rumors surfaced earlier this week that Iraq may not be on board with extending the current production quotas beyond January 2021, after Saudi Arabia and Russia hinted that the oil market may not support the scheduled relaxing of cuts then as planned.