Basra: Prices of Basra crude oil, both heavy and medium, rose on Tuesday. Basra Heavy crude increased by 31 cents, or 0.34%, reaching $62.74 a barrel. Meanwhile, Basra Medium crude saw a rise of 21 cents, or 0.32%, bringing it to $64.99 a barrel.

According to National Iraqi News Agency, oil prices remained stable today amid concerns about potential supply disruptions. These concerns stem from Iranian military exercises taking place in the Strait of Hormuz. The exercises are occurring ahead of important nuclear talks between Iran and the United States scheduled to take place in Geneva.