Oil falls 2% as Iraq restores output, Ukraine talks continue

• Oil prices fell 2% as Iraq restored production at its West Qurna 2 oilfield and Ukraine peace talks continued.
• Iraq's West Qurna 2 oilfield, which accounts for 0.5% of global supply, resumed production after a pipeline leak.
• Investors are weighing potential outcomes of Ukraine peace talks, which could increase Russian oil exports and lower prices.
• Brent crude dropped 1.98% to $62.49/barrel, while U.S. WTI crude fell 2% to $58.88/barrel.
• G7 and EU nations are discussing replacing the price cap on Russian oil with a full maritime services ban, potentially further curbing supply.

Why It Matters: Oil price volatility due to global events impacts energy costs.