Iraq’s Basrah crude slips more than 1% despite global gains

2026-02-25 - 08:04

Shafaq News- Baghdad Iraq’s Basrah Heavy crude fell to $67.35 per barrel on Wednesday, down 79 cents, or 1.16%, in the latest trading session. Basrah Medium declined to $69.60 per barrel, also losing 79 cents, marking a 1.12% decrease. Brent crude traded at $71.26 per barrel, while US West Texas Intermediate stood at $66.02, as markets monitored US–Iran talks and rising tensions that could affect global oil supplies. Iraq, OPEC’s second-largest oil producer, exports roughly 70% of its crude to Asia, 20% to Europe, and 10% to the United States.