Iraq’s Basrah crude nears $120 amid rising global oil prices

Iraq’s Basrah crude prices climbed on March 17, with Basrah Heavy crude reaching $117.29 per barrel and Basrah Medium crude at $119.24, as global oil markets reacted to tensions following the US–Israeli war with Iran.

Brent crude futures rose $2.74, or 2.7%, to $102.95 per barrel, while US West Texas Intermediate (WTI) crude increased $2.45, or 2.6%, to $95.95 per barrel, Caliber.Az reports via Iranian media.

Market analysts attributed the gains to geopolitical uncertainty in the Middle East, which has raised concerns over potential supply disruptions in the region.

By Sabina Mammadli