Basra: Basra Heavy and Medium crude oil prices rose by more than 3% on Thursday.

According to National Iraqi News Agency, Basra Heavy crude prices rose by $2.11, or 3.47%, to reach $62.89 per barrel, while Basra Medium crude also rose by $2.11, or 3.34%, to reach $65.34 per barrel.

Oil prices had fallen after the US and Iran agreed to hold negotiations in Oman, easing fears of a war between the two sides that could disrupt global oil supplies.