Iraqi crude oil takes center stage amid rising global oil prices

Iraqi crude oil topped the list of gains in global oil markets on Tuesday, driven by rising futures contracts for most global and Arab crudes, amid continued volatility in global energy markets.

Basra Medium crude stood out among the highest-priced crudes in global and Arab markets, recording $118.09 per barrel, an increase of 4.85%, while Basra Heavy crude recorded $115.99 per barrel, an increase of 4.94%, ahead of a number of major Gulf crudes.

Globally, West Texas Intermediate crude rose to $98.84 a barrel, up 0.79%, while Brent crude reached $104.80 a barrel, up 0.57%.

In the Gulf markets, UAE crude Murban rose to $103.60 a barrel, an increase of 4.84%, after having recorded $101.50 a barrel, an increase of 2.71%.

Saudi Arabia’s Arab Extra Light crude rose to $113.67 a barrel, up 5.28%, while Arab Light crude reached $113.17, a 5.30% increase. Kuwait Export Crude, however, fell 5.18% to $114.23 a barrel.

In the UAE, Upper Zakum crude rose by 6.66% to reach $100.25 per barrel, and Qatari Al-Shaheen crude also rose by the same percentage, amid a broad upward trend in Gulf crudes.

In contrast, the OPEC basket fell to $107.66 a barrel, a decrease of 4.10%, and the Indian basket dropped to $102.52 a barrel, a decrease of 8.85%.

Shafaq.com