Basra: Basra Heavy and Basra Medium crude prices rose on Tuesday, coinciding with the global oil price rise. Basra Heavy crude prices rose $1.10, or 1.78%, to $62.93, while Medium crude prices rose $1.10, or 1.70%, to $65.78.

According to National Iraqi News Agency, the rise in Basra crude prices aligns with the overall increase in global oil prices. This surge is attributed to market expectations regarding the US-China trade agreement, which is anticipated to significantly influence oil market dynamics.

In the global market, Brent crude prices advanced to $67.16, while US crude reached $65.42, reflecting the broader upward trend in oil prices influenced by economic market developments. The outcome of the US-China trade negotiations remains a critical factor affecting these prices, as stakeholders closely monitor the potential impact on global oil demand and supply chains.