Shafaq News/ The price of Basra crudes to Asian customers dropped on Thursday.

Basra's heavy crudes climbed by $7.08, equivalent to 7.60%, settling at $83.71, while the intermediate reached $88.11;  $6.88, equivalent to 7.44%.

Oil prices rose by as much as $1 per barrel on Thursday after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investor minds on how tight fuel supply may become.

Brent crude futures gained 63 cents, or 0.7%, to $88.63 per barrel by 0628 GMT after closing at their lowest since early February in the previous session. U.S. crude futures were up 70 cents, or 0.9%, at $82.64 per barrel.