Iraq's Basra heavy, medium crude prices rise with global oil market

BAGHDAD, Iraq — Iraq's Basra heavy and medium crude oil prices increased on Tuesday, tracking a broader rise in global oil markets. According to the data, Basra heavy crude traded at $61.77 per barrel, gaining $0.39, or 0.64%, from the previous close. Basra medium crude rose to $65.07 per barrel, up $0.39, or 0.60%. The gains came alongside advances in international benchmarks. Brent crude futures added 27 cents, or 0.3%, to reach $91.14 per barrel, while West Texas Intermediate futures climbed 42 cents to $85.04 per barrel. The price increase coincided with reports of difficult negotiations toward ending the war in the Middle East, reinforcing concerns about energy supply. Statements suggesting Iran has adopted a more assertive posture, combined with US assessments that see a low probability of extending the current ceasefire agreement, added to worries over the potential impact of regional developments on oil supply.