Basra Crude Soars Over $1 per Barrel Amid Global Oil Surge

Shafaq News/ On Tuesday, Basra crude oil prices surged, aligning with the global upward trend in oil prices.

Basra Heavy crude rose by 1.32$, up to 78.93 dollars per barrel, while Basra Intermediate reached 82.16 dollars per barrel with a rise of 1.32$.

Globally, oil prices rose in early trade on Tuesday following a more than 1% drop during the previous session.

This rise was due to the intensifying geopolitical conflicts in the Middle East, a major oil-producing area, that increased fears about worldwide petroleum sources.

At 0401 GMT, Brent crude futures were up 17 cents, or 0.21%, to $82.57 a barrel, and U.S. West Texas Intermediate crude gained 17 cents, or about 0.22 percent, at $76.95 a barrel.

The rebound follows declines over $1 on Monday for both contracts, spurred by fears over the demand from China, the world's largest crude consumer.