Basra crude oil prices recorded strong gains in global markets on Thursday, supported by a broader rise in international energy prices.
According to market data, Basra Heavy crude climbed 3.45% to $88.72 per barrel, while Basra Medium crude rose 3.32% to $92.02 per barrel. The increase reflects continued strength in the global oil market and highlights the importance of oil revenues to Iraq’s economy and federal budget.
The gains came alongside higher prices for major global benchmarks. West Texas Intermediate (WTI) crude increased to $96.46 per barrel, Brent crude reached $101.28 per barrel, and Murban crude posted one of the strongest performances, rising 4.95% to $116.25 per barrel.
Regional oil grades also moved higher. The OPEC basket advanced 1.13% to $107.46 per barrel, while Arab Light crude rose to $94.93 and Arab Heavy reached $94.58 per barrel. Kuwait Export Blend recorded the largest regional increase, jumping 11.49% to settle at $109.37 per barrel.
The latest rise in Basra crude prices comes as global energy markets remain sensitive to supply concerns, geopolitical developments, and fluctuations in worldwide demand. Higher oil prices are closely watched in Iraq because crude exports remain the country’s primary source of government revenue.
