Basra: Prices of Basra Heavy and Basra Medium crude oil declined on Thursday, despite a rise in global oil prices. Basra Heavy crude fell 50 cents, or 0.88%, to $56.42, while Basra Medium crude decreased 50 cents, or 0.84%, to $58.97.

According to National Iraqi News Agency, global oil prices rose following reports that the United States is preparing to impose new sanctions on Russia's energy sector if Moscow does not agree to a peace deal with Ukraine. This comes as markets assess supply risks stemming from the US embargo on Venezuelan oil tankers.