Tanker markets are facing more upheaval this week after Iraq halted exports of crude to the Turkish port of Ceyhan.

The Iraqi government closed the Iraqi Turkish Pipeline (IPT) after the International Chamber of Commerce (ICC) ruled in its favour over the weekend in arbitration relating to a case filed against Turkey in 2014.

Turkey was alleged to have allowed tankers to load Iraqi oil in Ceyhan without the required authorisation of Iraq’s oil ministry.