Basrah crudes lead regional oil benchmarks

Shafaq News- Basrah

Iraq’s Basrah crudes rose by more than 0.3% on Wednesday, outperforming several regional benchmarks.

Market data showed Basrah Heavy gaining 46 cents, or 0.39%, to $117.91 per barrel, while Basrah Medium rose by the same amount, up 0.38%, to $120.01 per barrel.

In contrast, several regional grades declined, with Saudi Light at $115.92 per barrel, Qatar’s Al-Shaheen at $103.39, Kuwait crude at $103.34, UAE’s Murban at $100.85, and Iran Light at $98.22.

Globally, Brent crude futures rose 43 cents, or 0.5%, to $95.22 per barrel at 0821 GMT, after falling 4.6% in the previous session. US West Texas Intermediate (WTI) crude edged down 17 cents, or 0.2%, to $91.11, following a 7.9% decline a day earlier.

Iraq prices its crude based on export destinations, with shipments to Asia linked to the Dubai and Oman benchmarks, exports to Europe tied to Brent with premiums or discounts, and cargoes to the United States priced against WTI in line with market conditions.