Iraq's heavy crude slides below $48 as losses exceed 7%

DUBAI, United Arab Emirates — Iraq's heavy crude oil fell below $48 a barrel on Monday, dropping 7.66% as a broad global sell-off hit energy markets. Basra Heavy lost $3.94 to settle at $47.51 per barrel, while Basra Medium declined by the same margin to $49.61, a 7.36% drop. International benchmarks also weakened. Brent crude fell $1.56 to $77.99 and West Texas Intermediate (WTI) dropped $1.75 to $75.04. The OPEC basket lost 3.95% to $84.43 and Dubai crude fell 4.24% to $80.66 per barrel. Other Gulf and Arab grades recorded steeper losses. Saudi Arabia's Arab Light slipped 5.71% to $80.41, Kuwait's export blend fell 9.49% to $85.84, and Qatar's Al-Shaheen crude declined 8.82%. Traders cited global demand concerns and uncertainty over geopolitical developments affecting energy supply.