Basra crude jumps more than 8% on oil rally
Shafaq News- Baghdad
Iraq's Basra Heavy and Basra Medium crude posted sharp gains on Wednesday, rising by more than 8% as escalating geopolitical tensions across the region drove global oil prices higher.
Basra Heavy climbed $4.91, or 9.25%, to $57.99 a barrel, while Basra Medium gained the same amount, rising 8.87% to $60.29 a barrel.
The surge coincided with gains in global oil markets. Brent crude futures rose 1.53% to $86.03 a barrel, while US West Texas Intermediate (WTI) crude advanced 1.27% to $80.35.
Regional benchmark crudes also moved higher, with the UAE's Murban crude climbing 4.85% to $81.93 a barrel and Saudi Arabia's Arab Light crude jumping 7.61% to $77.36.
In contrast, the OPEC Reference Basket slipped 1.52% to $75.09 a barrel, while Dubai crude declined to $69.21 a barrel.
