Iraqi oil prices dropped sharply on Tuesday as global oil prices continued to fall. Basra Heavy crude declined by 7.28%, while Basra Medium crude fell by 6.79%.
Basra Heavy crude dropped to $51.61 per barrel, down $4.05 from its previous price of $55.66. Basra Medium crude also fell, reaching $55.61 per barrel.
Global oil prices also moved lower. West Texas Intermediate (WTI) crude fell by $0.91, or 1.05%, to $85.92 per barrel. Brent crude dropped by $0.81, or 0.88%, to $91.76 per barrel.
The decline comes as oil markets face growing pressure from global uncertainty, ongoing geopolitical tensions, and concerns about oil supplies. These factors continue to create volatility and push prices up and down.