Basrah crude oil prices rise amid global market volatility
Shafaq News/ Basrah crude oil prices bucked global market trends on Thursday, surging as concerns over escalating Middle East tensions offset the impact of falling oil prices.
Basrah Heavy crude oil increased by $1.2 to reach $85.26, while the price of Basrah Medium crude oil rose by $1.2 to $88.46.
Globally, oil prices remained relatively stable on Thursday, reflecting a balance between declining fuel demand in the United States, the world's largest oil consumer, amid indications of a sluggish economy, and apprehensions over an escalating conflict in the Middle East production area.
According to Reuters, Brent crude futures saw a marginal increase of 9 cents, reaching $88.11 per barrel at 0420 GMT, following a 0.5% decline in the previous session.
U.S. West Texas Intermediate crude futures for June experienced a slight uptick of 7 cents, reaching $82.88 per barrel, after a 0.6% drop on Wednesday.
