Basrah crudes inch lower following global oil fluctuations

Shafaq News/ Basrah crude oil prices experienced a slight decline on Monday, reflecting a downturn in global oil prices.

The price of Basrah Heavy crude decreased by six cents to $83.97 per barrel. Basrah Medium crude prices also fell by six cents, reaching $86.12 per barrel.

This drop coincides with a broader decline in global oil prices, following a four-week upward trend.

Brent crude futures were down 12 cents, or 0.1%, at $86.42 a barrel.

US West Texas Intermediate crude was at $82.88 a barrel, down 28 cents, or 0.3%.

The market is reacting to diminishing prospects for a ceasefire agreement in Gaza and escalating geopolitical tensions in the Middle East.

Additionally, investors are assessing the potential impact of Tropical Storm "Peril" on US energy supplies.