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An earthquake in oil markets.. Iraqi crude collapses by more than 7% and losses pressure revenues!

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10/11/2026 | 11:27 AM

Iraqi oil prices recorded a significant decline today, Tuesday, affected by the drop in oil prices in global markets, with Basra heavy crude falling by 7.28%, while Basra medium crude decreased by 6.79%.
The price of Basra heavy crude dropped to $51.61 per barrel, a loss of $4.05 compared to the previous price of $55.66, while Basra medium crude fell to $55.61 per barrel.
Globally, West Texas Intermediate crude declined to $85.92 per barrel, down $0.91, which is equivalent to 1.05%, while Brent crude fell to $91.76 per barrel, down $0.81, or 0.88%.