Shafaq News/ On Thursday, Basra crude prices climbed more than 2% following the surge in global oil prices.

Basra heavy crude prices rose by $1.55, equivalent to 2.04%, reaching $77.53, while Basra medium crude prices also saw a rise of $1.55, or 1.96%, reaching $80.58.

Several central raw materials, including Brent, American, Dubai, and Oman crude, influence Basra crude prices.

The pricing mechanism is based on the sale of Iraqi crude to different regions: to Asia, it is sold according to the prices of Dubai and Oman; to Europe, according to the prices of Brent; and to the United States, based on the calculation of US crude prices.