Basra crude climbs to $57.09 a barrel after steep decline

BAGHDAD, Iraq — The average price of Basra crude rose 3.93% to $57.09 a barrel on Tuesday, recovering from a steep sell-off earlier in the year, according to market data. The grade had neared $135 a barrel in early April 2026, its highest level of the period, before entering a prolonged downtrend that lasted several months. By mid-July 2026, Basra crude had fallen to roughly $46 a barrel, marking the period's low and representing a loss of about $89, or nearly 66%, from the April peak. Prices have since edged higher in a gradual recovery. As of August 10, the grade stood at $57.09 a barrel, up about $11, or nearly 24%, from the July low. The current price, however, remains roughly $78, or 58%, below the period's high. No further details on the drivers behind the latest move were immediately available.