Shafaq News- Basrah

Iraq’s Basrah crude rose more than 3.6% on Tuesday, bucking declines in global oil markets driven by volatility linked to geopolitical tensions and shifting energy demand expectations.

Basrah Heavy crude climbed $2.48, or 3.75%, to $68.55 per barrel, while Basrah Medium crude climbed to $70.65 per barrel, gaining 3.64%.

The gains, however, did little to narrow the gap with other OPEC crudes, many of which continued to command substantially higher prices. Saudi Arabia’s Arab Light was priced at $103.62 per barrel, while Arab Super Light reached $104.12. Kuwait’s Export Crude stood at $117.51 per barrel.

Iranian grades also traded well above Iraqi levels, with Iranian Light at $90.04 per barrel and Iranian Heavy at $88.14. The United Arab Emirates’ Murban crude settled at $94.43 per barrel.

Globally, Brent crude fell 75 cents, or 0.79%, to $94.23 per barrel. US West Texas Intermediate (WTI) declined 85 cents, or 0.92%, to $91.31.