Basra: Basra heavy and medium crude prices fell on Wednesday despite the rise in global oil prices following the attack on Qatar. Basra heavy crude prices fell $1.8, or 1.66%, to $63.80, while Basra medium crude prices fell $1.8, or 1.59%, to $67.

According to National Iraqi News Agency, oil prices rose on Wednesday after Israel attacked Hamas leaders in Qatar and after US President Donald Trump asked Europe to impose tariffs on buyers of Russian oil. However, weak market expectations limited the gains in the oil market.

Brent crude futures rose 35 cents, or 0.53%, to $66.74 a barrel by 00:33 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 36 cents, or 0.57%, to $62.99 a barrel. Despite these global price hikes, Basra’s crude prices saw a decline, indicating regional market fluctuations and possibly differing supply and demand dynamics.