Basra crude inch up amid global tensions

Shafaq News / On Wednesday, the prices of Basra Heavy and Basra Intermediate crude oil rose slightly.

Basra Heavy crude rose by 42 cents to reach $83.43, while Basra Intermediate crude also increased by 42 cents, reaching $86.81.

Global oil prices steadied today as investors eyed concerns around crude and fuel supplies, following Ukrainian attacks on Russian refineries and the potential for a widening of the Israel-Hamas war to more directly include Iran, as reported by Reuters.

Brent crude futures for June rose four cents to $88.98 per barrel, while US West Texas Intermediate crude futures for May dipped four cents to $85.11 a barrel.

Both Brent and WTI climbed 1.7% during the previous session to their highest since October.

Prices surged after a Ukrainian drone attack on another Russian refinery threatened to take even more of the country's processing capacity offline, curbing output of gasoline and diesel fuel. Russia is among the top three global oil producers and one of the largest exporters of oil products.

Investors are also concerned that Iranian retaliation against Israel for an attack on Monday that killed high-ranking military personnel could potentially lead to supply disruptions in the key Middle East producing region after it vowed revenge. Iran, which provides support to Hamas, is the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), according to Reuters.