Basra: Basra crude oil prices, heavy and medium, showed divergence amid rising global oil prices. The price of Basra Heavy crude fell by 43 cents, or 0.75%, to $56.92 per barrel, while the price of Basra Medium crude rose by 47 cents, or 0.80%, to $59.47 per barrel.
According to National Iraqi News Agency, this divergence came as oil prices rebounded from their lowest level since 2021, after US President Donald Trump escalated pressure on Venezuela by ordering a blockade on sanctioned oil tankers off the coast of the South American country. Brent crude rose above $59 a barrel, after losing more than 5% in the previous four sessions, amid concerns about a widening global supply glut. West Texas Intermediate crude traded near $56.