The prices of Basra light and heavy crude oil rose slightly today, Thursday, alongside the increase in global oil prices, amid rising tensions in the Middle East and concerns about energy supplies.
Basra light crude recorded $73.62 per barrel, up by 27 cents, or 0.37%, while Basra heavy crude reached $69.62 per barrel, with a similar increase of 27 cents, or 0.39%.
Globally, Brent crude futures rose to $110.53 per barrel, an increase of $1.71, or 1.57%, while West Texas Intermediate crude jumped to $98.43 per barrel, up by $1.28, or 1.32%.
The basket of the Organization of the Petroleum Exporting Countries (OPEC) recorded $111.01 per barrel, an increase of $2.39, or 2.20%.
These increases come amid escalating geopolitical tensions in the region, which raise concerns about the stability of global energy supplies, thus increasing the volatility of oil markets and their sensitivity to security and political developments.
Oil is the main source of Iraq's revenues, making global price movements a significant factor in the country's financial revenues and its ability to finance public spending.