Basrah crude oil prices surged on Thursday, defying the broader trend of declining global oil prices.
Basrah Heavy crude saw an increase of 89 cents, or 1.18%, reaching $76.31 per barrel, while Basrah Medium crude rose by 79 cents, or 1.01%, to $79.36 per barrel.
The rise comes as Iraq and Saudi Arabia raised crude oil prices for Asian markets. This move is attributed to reduced Russian supply to the region, following sanctions imposed by the United States and the European Union.
Despite these gains, global oil benchmarks recorded losses. By 01:41 GMT, Brent crude futures fell by $0.55, or 0.73%, to $74.63 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude declined by $0.52, or 0.73%, to $70.85 per barrel.
Market analysts suggest that shifting supply dynamics and geopolitical factors are influencing regional oil price fluctuations, even as the global oil market experiences volatility.
