Basrah crude holds above $70 as Iran–Israel tensions keep oil markets on edge
Shafaq News/ Iraq's Basrah crude oil prices posted a slight decline on Tuesday but remained above $70 per barrel, as ongoing military escalation between Iran and Israel kept global energy markets on high alert.
Basrah Heavy fell by 3 cents, or 0.4%, to $70.40 per barrel, while Basrah Medium also slipped 3 cents, settling at $72.84.
Meanwhile, global benchmarks moved higher. Brent crude rose to $74.40, and US West Texas Intermediate (WTI) climbed to $73.11 per barrel, driven by fears that the intensifying conflict could disrupt oil exports from Iran and trigger broader supply instability in the region.
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