Prices of Basra crude oil moved higher on Tuesday, rising by more than 2% as global markets stayed volatile.
Basra Heavy crude climbed by $2.48, reaching $117.45 per barrel. Basra Medium crude saw the same increase, hitting $119.55 per barrel.
The rise comes at a time of growing tension in global energy markets. Much of the pressure is linked to the US blockade of the Strait of Hormuz, a key route for oil shipments.
At the same time, there are early signs that talks could happen to ease the situation. Iran has been pushing for a diplomatic solution, which has added some uncertainty—but also a bit of hope—to the market.
Right now, prices are reacting to both risks and expectations. Traders are watching closely to see whether tensions rise further or move toward dialogue, as either outcome could shift oil markets quickly.
