Iraqi oil prices saw a sharp drop in global markets on Tuesday, making them some of the biggest losers of the day as investors reacted positively to signs of a preliminary agreement between the United States and Iran.
Basra Heavy crude fell to $53.50 per barrel, marking a steep decline of nearly 8%. Basra Medium crude also dropped significantly, falling 7.7% to $55.60 per barrel.
The decline wasn’t limited to Iraqi oil. Global benchmark prices also moved lower as concerns about supply disruptions eased.
Brent crude slipped to $82.91 per barrel, while US West Texas Intermediate (WTI) crude fell to $80.66 per barrel. The OPEC basket also recorded a notable loss, dropping 6.52% to settle at $91.68 per barrel.
The market reaction reflects growing optimism that easing tensions between Washington and Tehran could reduce risks to global oil supplies, putting downward pressure on crude prices worldwide.