Basra: Basra heavy and medium crude prices fell on Wednesday despite the rise in global oil prices. Basra heavy crude prices fell 58 cents, or 86%, to $66.89, while medium crude prices fell 58 cents, or 82%, to $69.94.

According to National Iraqi News Agency, oil prices rose slightly on Wednesday morning as markets awaited developments in tariff talks between the United States and its major trading partners. Brent crude rose towards $69 a barrel after a three-session decline, while West Texas Intermediate crude stabilized near $66 a barrel.

The unexpected decline in Basra crude prices comes amidst a general uptick in global oil prices, highlighting regional market dynamics that may be influencing these price changes. The discrepancy suggests local factors may be at play, affecting the Basra market independently from global trends. The market is closely watching the ongoing tariff discussions, which could have significant implications for future oil price movements.