Basra: Basra crude oil prices rose this morning, Wednesday, in line with global price increases. Basra Heavy crude saw an increase of 29 cents, or 0.48%, reaching $60.78 per barrel. Similarly, Basra Medium crude experienced a rise of 29 cents, or 0.46%, bringing its price to $63.23 per barrel.

According to National Iraqi News Agency, the surge in oil prices is part of a broader trend observed for the second consecutive day as global geopolitical tensions escalate. The tensions were heightened following the downing of an Iranian drone near a US aircraft carrier in the Arabian Sea, contributing to the rise in oil prices.

Brent crude, a major benchmark for international oil prices, rose to approximately $68 per barrel early Wednesday morning, marking a 1.6% increase. Meanwhile, West Texas Intermediate crude, another global benchmark, settled near $64 per barrel. These increases reflect the market’s response to the ongoing geopolitical developments and their potential impact on oil supply and distribution networks globally.