Basra crude prices drop for second straight day as global benchmarks rise

BASRA, Iraq — The official selling prices of Iraq's Basra Heavy and Basra Medium crude fell for a second consecutive trading session, even as global oil benchmarks posted gains. According to official data, Basra Heavy lost $3.18 a barrel, or 4.94%, to settle at $61.22, while Basra Medium declined 4.78% to $63.32 a barrel. The decline followed the latest adjustments to official selling prices set by SOMO, Iraq's state oil marketing organization, for international buyers. Analysts cited those pricing revisions as the main driver of the move, which has run counter to the broader trend in global energy markets. Brent crude rose $0.85 to $92.30 a barrel, and West Texas Intermediate gained $0.82 to $89.02. The OPEC reference basket added 1.88% to reach $102.52, while on the Dubai Mercantile Exchange, Oman crude traded at $92.44 and Dubai crude at $91.17 a barrel. Global prices have continued to climb on supply concerns linked to geopolitical developments in the Middle East, a backdrop that has so far done little to lift Iraqi crude in international trade.