Basra: Prices of Basra Heavy and Medium crude oil fell by more than 1% on Tuesday. Basra Heavy crude prices dropped 96 cents, or 1.47%, settling at $64.35, while Medium crude prices decreased by 96 cents, or 1.40%, to $67.50.

According to National Iraqi News Agency, the decline in Basra crude oil prices comes amidst a backdrop of rising global oil prices. This increase follows a dip observed yesterday, which was influenced by US President Donald Trump’s intensified criticism of the Federal Reserve Chairman concerning interest rates.

Meanwhile, Brent crude oil was recorded at $66.63, and US crude oil was reported at $63.73. These figures reflect the volatile nature of the oil market, further influenced by geopolitical and economic factors.