Basra: Basra crude oil prices, both heavy and medium, fell by 5% on Tuesday, mirroring the decline in global oil prices. Basra Heavy crude prices dropped by $3.26, or 5.11%, to $60.49 per barrel, while Basra Medium crude prices fell by $3.26, or 4.92%, to $62.94 per barrel.

According to National Iraqi News Agency, oil prices declined as geopolitical risks eased following the agreement to begin nuclear talks between the United States and Iran, scheduled to take place in Turkey, and as the US dollar strengthened.