Shafaq News- Baghdad

Iraq on Tuesday raised the official selling price of Basrah Medium crude bound for Asia, its largest market accounting for about 70% of exports, by around $1.70 per barrel, as global oil prices surge.

Oil markets have risen amid the US-Israeli war on Iran and disruptions to shipments through the Strait of Hormuz following Tehran’s closure of the waterway, tightening global supply and pushing prices higher. Basrah Medium itself was trading near $119 per barrel.

OPEC data showed the crude’s average price jumped to $117.62 per barrel in March 2026 from $66.77 in February, an increase of $50.85 in a single month. The average price has reached $82.70 per barrel so far in 2026, compared with $75.88 in 2025, indicating a sustained upward trend in Iraqi crude prices.

OPEC’s reference basket also rose to about $107 per barrel in March from $67.19 in February, with Iraqi crude ranking among the higher-priced grades alongside Kuwait and Iran.