Prices for Basra Medium and Basra Heavy crude moved higher Tuesday, posting strong gains and outperforming several regional benchmarks.
Basra Medium rose to $123.18 per barrel, up 71 cents, while Basra Heavy climbed to $121.08, also up 71 cents.
The gains pushed Iraqi crude above several regional grades, with Saudi Light at $119.48, Kuwaiti crude at $107.37, and UAE Murban at $103.57 per barrel.
Analysts say the rise is being driven by supply concerns, disruptions in key shipping routes, and growing demand for reliable crude supplies.
Despite export challenges, stronger demand is helping boost the value and global position of Basra crude.
