Iraq’s Basrah crude jumps over 13% to highest level since 2022

Iraq’s Basrah crude grades surged more than 13% on April 7, hitting their highest levels since 2022, when prices were last trading close to $122 per barrel.

Basrah Heavy climbed $14.96, or 13.83%, to $123.11 per barrel, while Basrah Medium rose by a similar margin of 13.57% to $125.21 per barrel, according to Iraqi media.

In broader markets, Brent crude futures gained $1.74, or 1.6%, to $111.51 per barrel at 0530 GMT. US West Texas Intermediate advanced $3.45, or 3.1%, to $115.86 per barrel.

By Aghakazim Guliyev