Basrah Crude Prices Surge Over 4% Amid Global Oil Benchmark Recovery
Basrah crude prices surged on Tuesday, rising more than 4% in Iraq's Basrah region. The gains were driven by a modest recovery in global oil benchmarks.
Basrah Heavy, one of the regional grades, climbed $3.30 to $83.19 per barrel, representing a 4.13% increase. Meanwhile, Basrah Medium gained $3.30 to $86.49, with a 3.97% rise in price.
Other regional grades also posted gains, including Saudi Arabia Light, which rose to $92.14 per barrel, and Kuwait Export, climbing to $93.71. Qatar's Al-Shaheen reached $92.54 per barrel.
In global markets, Brent crude futures increased by 0.3% to $92.44 per barrel, while US West Texas Intermediate (WTI) gained 0.4% to around $85.38, recovering some ground after both benchmarks fell more than 2% in the previous session.