Basra: Basra crude oil prices, both heavy and medium, rose on Wednesday, despite a decline in global oil prices. According to National Iraqi News Agency, the price of Basra Heavy crude increased by 6.99 cents to reach $102 per barrel, marking a 7.31% rise. Similarly, the price of Basra Medium crude rose by 6.99 cents to reach $105 per barrel, a 7.07% increase.

Globally, oil prices fell to $107 per barrel, influenced by an unexpected increase in US crude inventories, coupled with continued concerns about Saudi supplies following the suspension of oil loadings at the Yanbu port after an attack targeting the East-West pipeline. Brent crude futures fell 93 cents, or 0.86%, to $107.82 a barrel, while West Texas Intermediate crude futures dropped 97 cents, or 0.92%, to $104.86 a barrel.