Iraq Basrah crude prices moved higher even as global oil markets slipped. Traders saw strength in Basrah Heavy and Basrah Medium while international benchmarks lost momentum.
Basrah Heavy crude gained 72 cents, or 1.9%, to reach $66.66 per barrel. At the same time, Basrah Medium increased by 72 cents, or 1.7%, to $68.21. These gains came as global crude futures weakened. Brent crude dropped to $69.05 per barrel, while U.S. West Texas Intermediate fell to $64.72.
Analysts linked the divergence to regional demand patterns and market expectations. Iraq Basrah crude prices often track Asian buying interest. Several refiners in Asia favored Basrah grades due to competitive pricing and steady supplies. That support allowed prices to rise even while global futures declined.
By contrast, broader oil benchmarks lost ground after hitting seven-week highs in the previous session. Investors booked profits following recent rallies. Concerns over supply and demand also fueled caution. Analysts noted that sentiment remains fragile as markets weigh seasonal demand weakness against geopolitical risks.
At the same time, Kurdistan’s planned export restart added to oversupply fears. Traders expect additional flows to return to global markets. This raised pressure on Brent and WTI benchmarks, which are more sensitive to broad supply shifts.
However, Iraq Basrah crude prices responded differently. Local fundamentals and consistent Asian interest provided resilience. Experts explained that buyers in India and China continue to view Basrah grades as cost-effective compared with some other Middle Eastern blends.
Moreover, Iraq has worked to maintain stable crude shipments despite political disputes and production challenges. The government in Baghdad emphasized the importance of energy exports for revenue. As a result, stability in Basrah shipments reinforced confidence among buyers.
Looking ahead, traders expect Iraq Basrah crude prices to remain supported as long as Asian refiners keep demand steady. But global trends could still influence the outlook. If Brent and WTI continue to slide on oversupply fears, Basrah grades may also face downward pressure.
For now, the Iraq Basrah crude prices highlight the different dynamics between regional grades and global benchmarks. Investors remain cautious, but refiners in Asia continue to rely on Iraq’s stable supplies.