Iraqi Crude Prices Plummet by Over 6% Amid Global Market Decline

Iraqi crude oil prices took a hit on Wednesday, falling by more than 6% in tandem with global markets. The decline affected both Basrah Heavy and Basrah Medium crude, with Basrah Heavy dropping to $77.92 a barrel, down from its previous value of $83.19, while Basrah Medium fell to $81.22, a loss of $5.27 or 6.09%. This decline is part of a broader retreat in global crude prices, which saw Brent crude slip to $86.80 a barrel and West Texas Intermediate fall to $80.87.

Other regional grades also lost ground, with Murban crude dropping by 7.89% to $93.44 a barrel, Oman crude falling 3.82% to $95.59, and Dubai crude edging down 0.19% to $90.10. The Iraqi declines came amid losses across the board in global markets.