The prices of Basra Heavy and Basra Medium crude oil dropped sharply on Thursday, following a decline in global oil markets.
Basra Heavy crude closed at $94.57 per barrel, falling by $8, a decline of 7.80%. Basra Medium crude also lost $8, settling at $97.87 per barrel, down 7.56%.
In international markets, Brent crude slipped to $105.52 per barrel, down $0.31 or 0.29%, while West Texas Intermediate (WTI) crude fell to $102.08 per barrel, a decrease of $0.35 or 0.34%.
Despite the drop in major global benchmarks, the OPEC basket price moved higher, rising by $1.52 or 1.23% to reach $124.63 per barrel.
The decline in Iraqi crude prices reflects the broader weakness in global oil markets, although OPEC’s basket continued to gain value. Oil prices remain sensitive to developments in global demand, supply conditions, and ongoing geopolitical tensions affecting energy markets.