Oil Prices Drop as Iraq Signs Pipeline Export Deal

Oil dipped as Iraq signed a deal to resume exports via Turkey that avoids the Strait of Hormuz, and as the US stepped up efforts to force the reopening of the key waterway. Iraq agreed with Kurdistan to resume oil exports through a pipeline in the semi-autonomous region that goes to Turkey’s Mediterranean port of Ceyhan. The rerouting of the oil will only partially relieve supply concerns. Bloomberg’s Anthony di Paola reports.