Basrah crudes rise as global oil markets decline
Shafaq News/ Basrah crude prices edged higher on Wednesday, despite a global decline in oil prices.
Basrah Heavy crude increased by 91 cents, or 1.55%, to settle at $59.78 per barrel, while Basrah Medium crude declined by the same amount, reaching $62.83 per barrel.
Brent crude recorded $60.44 per barrel, while US West Texas Intermediate (WTI) crude was priced at $$57.12 per barrel.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
an hour ago
- Shafaq News
Iran-Israel attacks force shutdown of key Iraqi gas field
Shafaq News/ Kuwait Energy has suspended operations at Iraq's Siba gas field in response to the escalating conflict between Iran and Israel, a source at Basra Gas Company reported on Saturday. The shutdown order, issued to both Iraqi and foreign staff, halts all activity at the site, located east of Basra, which typically yields around 50 million cubic feet of gas and 1,200 barrels of liquefied gas daily. Basra Gas Company is set to meet with Kuwait Energy to clarify the reasons behind the decision. The suspension comes as Israel continues its large-scale airstrikes on Iranian nuclear and military targets. Tehran has retaliated with massive missile barrages, launching over 300 projectiles into Israeli territory.
Shafaq News
6 hours ago
- Shafaq News
Iraq-Syria al-Qaim border crossing reopens
Shafaq News/ Iraq's Border Ports Authority announced on Saturday the official reopening of the al-Qaim crossing with Syria. According to the authority, the first Syrian truck entered Iraq after clearing inspection and immigration procedures. Commercial activity will now operate within the designated Iraqi zone under existing regulations. Passenger movement has also resumed to ease travel for Iraqi citizens and streamline border processing, it added. The authority also noted that the reopening is expected to boost the local economy by generating jobs in transport and support sectors, while marking progress in Iraqi-Syrian economic ties, with anticipated gains in trade, revenue, market supply, and border stability. Syria's General Authority for Land and Maritime Border Crossings had earlier confirmed that the al-Bukamal–al-Qaim route would reopen on June 14 for both freight and travelers.
Shafaq News
11 hours ago
- Shafaq News
Basrah crudes post weekly gains
Shafaq News/ Basrah crude oil benchmarks logged strong weekly gains, following a global rally in oil prices. Basrah Heavy closed Friday's session up $4.34 at $70.07, recording a weekly rise of $8.24, or 13.33%. Basrah Medium also advanced, gaining $3.34 to settle at $72.87, with a weekly increase of $8.19, or 12.66%. Brent crude futures ended at $74.23 a barrel, up $4.87, or 7.02%, after briefly jumping over 13% to an intraday high of $78.50 — the strongest level since January 27. Brent was up 12.5% on the week.
