Crucial Iraq-Turkey Oil Pipeline Reopens After Explosion
- Conduit transported over 450,000 barrels a day last year
- Oil markets are already tight; prices highest since 2014
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Turkey reopened a key crude pipeline running from Iraq after it was knocked out by an explosion on Tuesday.
Oil prices pared gains on Wednesday after news the restart was imminent. The shutdown risked tightening energy markets even more at time when supply disruptions and strong demand have sent crude surging to almost $89 a barrel.