Iraqi Oil Prices Fall Nearly 5% as Brent Drops Below $93

BASRA, Iraq — Oil prices fell sharply on Tuesday, with Iraqi Basra crude grades declining nearly 5 percent while international benchmarks Brent and West Texas Intermediate each lost roughly 1.8 percent. Basra Medium crude settled at $66.50 per barrel and Basra Heavy crude at $64.40 per barrel, with both grades recording a 4.88 percent daily decline. Brent crude traded at $93.01 per barrel, down 1.74 percent, while WTI settled at $90.21 per barrel, down 1.86 percent. The steeper losses in Basra oils compared to global benchmarks indicated more pronounced selling pressure on Iraqi crude. Brent's drop below the $93 level marked a continuation of downward movement in crude prices during Tuesday's session. No further details on the factors driving the decline were immediately available.