Shafaq News / On Wednesday, prices for Heavy and Intermediate Basra Crude oil dropped, following the global decrease in oil prices. The cost of Heavy Basra Crude fell by 38 cents to reach $70.49, while the price of Intermediate Basra Crude decreased by 28 cents to $73.14.
The decline in global oil prices is attributed to the rise of the US dollar and investors' risk aversion, shifting focus from concerns about tensions in the Middle East, including ongoing attacks on ships in the Red Sea by Iranian-backed Houthi rebels.