Iraqi oil prices recorded strong gains on Thursday, with Basra crude benchmarks rising by more than 8%, as global energy markets reacted to U.S. strikes on Iran and growing concerns over potential disruptions to oil supplies and regional shipping routes.
Basra Heavy crude increased by 8.49% to reach $49.22 per barrel, while Basra Medium crude climbed 8.11% to $51.32 per barrel, reflecting heightened market anxiety over developments in the Middle East.
Global oil benchmarks also moved higher. Brent crude rose 1.15% to $78.92 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 1.20% to trade at $74.40 per barrel.
The broader rise extended across major oil grades, with the OPEC basket advancing to $72.36 per barrel. Meanwhile, the UAE’s Murban crude posted one of the strongest gains, surging 6.67% to $73.57 per barrel.
Market analysts attributed the price increases to fears that escalating military tensions could threaten energy infrastructure and shipping routes in the region, particularly around strategic waterways that play a crucial role in global oil exports.
Investors remain focused on developments in the Middle East, as any disruption to production or transportation networks could tighten global supply and place further upward pressure on crude prices. The latest gains highlight the sensitivity of energy markets to geopolitical risks in one of the world’s most important oil-producing regions.Iraqi oil prices recorded strong gains on Thursday, with Basra crude benchmarks rising by more than 8%, as global energy markets reacted to U.S. strikes on Iran and growing concerns over potential disruptions to oil supplies and regional shipping routes.
Basra Heavy crude increased by 8.49% to reach $49.22 per barrel, while Basra Medium crude climbed 8.11% to $51.32 per barrel, reflecting heightened market anxiety over developments in the Middle East.
Global oil benchmarks also moved higher. Brent crude rose 1.15% to $78.92 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 1.20% to trade at $74.40 per barrel.
The broader rise extended across major oil grades, with the OPEC basket advancing to $72.36 per barrel. Meanwhile, the UAE’s Murban crude posted one of the strongest gains, surging 6.67% to $73.57 per barrel.
Market analysts attributed the price increases to fears that escalating military tensions could threaten energy infrastructure and shipping routes in the region, particularly around strategic waterways that play a crucial role in global oil exports.
Investors remain focused on developments in the Middle East, as any disruption to production or transportation networks could tighten global supply and place further upward pressure on crude prices. The latest gains highlight the sensitivity of energy markets to geopolitical risks in one of the world’s most important oil-producing regions.