Iraqi oil prices saw a sharp decline on Wednesday, with both Basra Heavy and Basra Medium crude recording major losses alongside a broader drop in global oil markets.
Basra Heavy fell by $8.02, or 6.91%, settling at $107.97 per barrel. Meanwhile, Basra Medium also dropped by $8.02, losing 6.79% to close at $110.07 per barrel.
The decline came as global oil markets continued experiencing heavy volatility and uncertainty in international trading.
Globally, Brent Crude futures fell by $1.22, or 1.1%, reaching $106.55 per barrel. West Texas Intermediate crude also dropped by $1.16, or 1.1%, settling at $101.02 per barrel.
Analysts say the market remains under pressure because of ongoing concerns about global supply and demand stability, along with continued uncertainty surrounding geopolitical tensions and energy market conditions.
