Iraqi oil prices dropped on Tuesday, following the wider decline in global energy markets.
Both Basra Medium and Basra Heavy crude saw noticeable losses, as prices moved lower along with international benchmarks.
The main reason behind the drop is market expectations. Investors are watching for possible talks between the United States and Iran. If those talks lead to agreements, more oil could enter the market, increasing supply and pushing prices down.
Because of this, earlier gains in oil prices have started to fade.
At the same time, Iraq’s State Oil Marketing Company (SOMO) continues to adjust its pricing based on global markets. Iraqi crude is priced using formulas linked to major benchmarks like Brent, Dubai, Oman, and West Texas Intermediate, depending on where the oil is being exported.
In simple terms, Iraq’s oil prices are moving with the global trend—falling as markets expect more supply and fewer disruptions.
