Global Oil Prices Dip as Basra Crude Surges Over 5%

DUBAI, United Arab Emirates — Global oil prices fell on Thursday as benchmarks declined, while Iraq's Basra crude bucked the broader market trend with a sharp rise. Brent crude slipped 0.79% to $97.04 per barrel, and US West Texas Intermediate (WTI) crude dropped 0.70% to $95.35 per barrel. Basra heavy crude surged 5.64% to $72.08 per barrel, and Basra medium crude climbed 5.47% to $74.18 per barrel, marking the strongest gain among Gulf crudes. Other Gulf benchmarks moved higher. Saudi Arabia's Arab Light rose 3.97% to $107.85 per barrel, and Abu Dhabi's Murban crude gained 1.12% to $97.17 per barrel. The OPEC reference basket fell 2.37% to $101.58 per barrel, while Oman crude on the Dubai Energy Exchange dipped 0.11% to $91.96 per barrel.