Shafaq News/ Basra crude prices experienced a notable surge of more than 2% on Wednesday, reflecting the overall increase in global oil prices.

Basra Heavy crude prices climbed by $2, equivalent to 2.90%, reaching $70.75 per barrel. Similarly, Basra Medium crude prices rose by $2, or 2.78%, to $73.90 per barrel.

The rise in oil prices was driven by market anticipation of the U.S. Federal Reserve's June meeting outcome, coupled with optimistic oil demand growth forecasts from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).

During the morning trade, Brent crude futures surged by 76 cents, equivalent to 1%, at $75.05 per barrel at 0916 GMT. Concurrently, U.S. West Texas Intermediate (WTI) crude increased by 63 cents, or 0.9%, reaching $70.05 per barrel.

Both benchmark crude prices witnessed a remarkable ascent of over 3% the previous day as hopes of a rebound in fuel demand escalated following China's central bank decision to lower a short-term lending rate.