Basra: Prices of Basra crude oil, both heavy and medium, fell on Tuesday, coinciding with a decline in global oil prices. Basra Heavy crude fell 69 cents, or 1.09%, to $62.66 a barrel, while Basra Medium crude dropped 89 cents, or 1.35%, to $64.91 a barrel.

According to National Iraqi News Agency, oil prices declined slightly on Tuesday as traders assessed the potential for supply disruptions after US directives for ships transiting the Strait of Hormuz kept the focus firmly on tensions between Washington and Tehran.