Basra: Prices of Basra Heavy and Medium crude oil rose on Tuesday, despite the decline in global oil markets. Basra Heavy crude prices increased by $2.6, or 2.85%, reaching $74.22, while Medium crude prices rose by $2.11, or 2.81%, to $77.22.

According to National Iraqi News Agency, the global oil market experienced a decline after US President Donald Trump announced a ceasefire agreement between Iran and Israel. This development eased concerns about potential supply disruptions in the Middle East, a major oil-producing region.

As a result of the ceasefire announcement, Brent crude prices fell to $69.49, and US crude prices dropped to $66.84, marking a significant decrease in the global oil market. Despite this global trend, Basra’s crude oil prices showed an upward movement, highlighting a regional market anomaly.