Iraqi oil prices moved lower on Wednesday, falling more than 2% as global energy markets weakened.
Basra Heavy crude dropped $1.13 to $112.50 per barrel, while Basra Medium also fell, settling at $114.60.
The decline followed broader pressure in oil markets, with investors reacting to possible peace talks between Washington and Tehran.
Markets appear to be pricing in the chance that easing tensions could reduce supply risks, which has pushed prices down and erased some recent gains.
Analysts say uncertainty around a ceasefire and what it could mean for global supply routes is also influencing sentiment.
In simple terms, oil prices slipped because traders see a chance of lower geopolitical risk and potentially more stable supply.
