Baghdad: Oil prices rose in the latest trading session on Wednesday, driven by remarks from U.S. President Donald Trump regarding the Iranian file and the potential for escalating tensions in the region, which heightened market concerns over possible disruptions to crude oil supplies.
According to National Iraqi News Agency, West Texas Intermediate (WTI) crude climbed to around $63.32 per barrel, up $0.95, or 1.52%, while Brent crude rose to approximately $68.37 per barrel, gaining $0.80, or 1.18%.
In the Iraqi market, Basra Heavy crude recorded about $62.25 per barrel, an increase of $2.09, or nearly 3.47%, while Basra Medium crude advanced to roughly $64.70 per barrel, up by the same margin of $2.09, representing an increase of about 3.34%. Energy traders and analysts attribute the current rise to growing anxiety over potential sudden developments in tensions between Washington and Tehran, particularly amid increasing talk of military options and possible tightening of sanctions, prompting markets to pri
ce in scenarios of supply shortages or disruptions from the Gulf region.