Basra: Prices of Basra crude oil, both heavy and medium grades, rose on Tuesday, surpassing the $100 per barrel mark for the first time since 2022. Basra Heavy crude recorded an increase of $17.59, equivalent to 21.29%, reaching $100.21 per barrel. Basra Medium crude also rose by $17.59, or 20.80%, to reach $102.16 per barrel.

According to National Iraqi News Agency, this increase comes amid escalating tensions between the United States and Iran, and a decline in oil exports through the Strait of Hormuz, one of the world’s most important oil shipping lanes, leading to supply disruptions in global markets.