Iraqi crude oil prices recorded strong gains on Wednesday, with both Basra Heavy and Basra Medium rising by more than 8% as growing geopolitical tensions in the region pushed global oil markets higher.
Basra Heavy crude increased by $4.91, or 9.25%, to reach $57.99 per barrel. Meanwhile, Basra Medium crude also gained $4.91, rising 8.87% to $60.29 per barrel.
The rally came alongside broader gains in global oil prices. Brent crude rose 1.53% to $86.03 per barrel, while West Texas Intermediate (WTI) advanced 1.27% to $80.35 per barrel.
Other regional oil benchmarks also posted solid gains. The UAE’s Murban crude climbed 4.85% to $81.93 per barrel, while Saudi Arabia’s Arab Light crude jumped 7.61% to $77.36 per barrel.
However, not all oil benchmarks moved higher. The OPEC Reference Basket fell 1.52% to $75.09 per barrel, and Dubai crude declined to $69.21 per barrel.
The latest price increases reflect growing concerns in energy markets over regional tensions and their potential impact on global oil supplies, helping drive strong gains for Iraqi crude and several other major oil grades.
