Shafaq News / The prices of Basra Heavy and Basra Intermediate crude oils inched up on Wednesday, coinciding with the global rise in oil prices.
The price of Basra Heavy crude oil rose by 54 cents to reach $77.84, while Basra Intermediate crude oil increased by the same amount to reach $81.14.
This comes at a time when oil prices globally have risen due to investors balancing concerns over major producers reducing production, attacks on shipping vessels in the Red Sea, and subdued expectations for a US interest rate cut.
According to Reuters, attacks in support of the Palestinians on vessels in the Red Sea and Bab al-Mandab strait by Yemen's Iran-aligned Houthis have continued to stoke concerns over freight flows through the critical waterway. Drone and missile strikes have hit at least four vessels since Friday.
Washington on Tuesday again vetoed a draft United Nations Security Council resolution on the Israel-Hamas war, blocking a demand for an immediate humanitarian ceasefire.
The US is instead pushing for the Security Council to adopt a resolution tying a ceasefire to the release of Israeli hostages by Hamas.
Meanwhile, Russia, which has pledged output cuts of 500,000 barrels per day (bpd) as part of a package of cuts with Organisation of Petroleum Exporting Countries and its allies (OPEC+), said on Tuesday that it intends to fulfil its OPEC+ quota in February despite a decline in oil refining.
Refinery throughput in Russia has fallen by 7% since the start of the year, the country's energy minister said on Tuesday, after facilities were damaged by Ukrainian drone attacks.