Iraqi crude oil prices continued to decline on Thursday, even as global oil markets posted gains for the second straight day amid growing tensions between the United States and Iran.
Basra Heavy crude closed at $59.20 per barrel, falling by $2.02, or 3.30%. Basra Medium crude also dropped by $2.02, settling at $61.30 per barrel, a decline of 3.19%.
Meanwhile, international oil prices moved higher as investors worried about potential supply disruptions in the region. West Texas Intermediate (WTI) crude rose to $91.12 per barrel, gaining $1.19, or 1.32%.
Brent crude also recorded gains, climbing to $94.19 per barrel, up $1.09, or 1.17%.
The rise in global oil prices comes as markets closely monitor increasing geopolitical tensions in the Middle East, particularly between the United States and Iran, which could affect energy supplies and market stability.
Despite the global rally, Iraqi crude grades remained under pressure and continued to trade lower during Thursday’s session.
