Iraqi Basrah crude rises amid global oil market gains

Iraq’s Basrah crude prices surged on March 27, following broader gains in global oil markets amid uncertainty over prospects for a ceasefire in the ongoing US-Israel-Iran conflict.

Basrah Heavy crude increased by $5.95, or 6%, to $105.10 per barrel, while Basrah Medium crude rose by $5.95, or 5.95%, to $107.20 per barrel. Global benchmarks also advanced, with Brent crude at $114.53 per barrel and US West Texas Intermediate (WTI) at $101.18, Shafaq News reports.

Iraqi crude is priced according to destination: shipments to Asia are benchmarked against the average of Dubai and Oman crude, exports to Europe follow Brent prices, and deliveries to the United States track WTI, each with premiums or discounts reflecting market conditions.

The price movements come amid concerns that continued regional tensions could further disrupt global oil supply and influence market volatility.

By Sabina Mammadli