Shafaq News / The prices of Basra’s Heavy and Intermediate crude oil rose on Thursday, as global oil prices increased.

Basra Heavy crude oil prices rose by 56 cents to reach $74.10, while Basra Intermediate crude oil prices increased by 56 cents to reach $76.90.

According to Reuters, wider Middle East tensions have kept the market on edge since October, with limited progress in talks to end the Gaza conflict.

Israeli Prime Minister Benjamin Netanyahu rejected Hamas' latest offer for a ceasefire and return of hostages held in the Gaza Strip, but US Secretary of State Antony Blinken said there was still room for negotiation toward an agreement.

A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was due to travel on Thursday to Cairo for ceasefire talks with Egypt and Qatar.