Shafaq News- Baghdad

Iraqi crude prices fell more than 2% on Tuesday, tracking a broader decline in global energy markets as expectations of renewed US-Iran peace talks weighed on oil sentiment.

Market data showed Basrah Heavy crude losing $2.96 to settle at $113.63 per barrel, while Basrah Medium fell 2.49% to $115.73 per barrel.

Prices retreated from gains recorded in the previous session after reports emerged that US-Iran negotiations could take place this week, a development that raised the prospect of additional Iranian crude entering global supply from one of the Middle East's key production zones.

Iraq prices its crude differently by destination —benchmarked against Dubai/Oman for Asia, Brent for Europe, and WTI for the United States.