Basra oil prices rise over 2% as global crude markets gain momentum in Oil & Companies News 12/02/2026 Basra crude prices rose by more than 2% on Wednesday, tracking gains in global oil markets amid ongoing geopolitical uncertainty and continued U.S.–Iran discussions. Basra Heavy crude increased by $1.45, or 2.31%, reaching $64.11 per barrel. Meanwhile, Basra Medium crude also climbed by $1.45, marking a 2.23% rise to settle at $66.36 per barrel. Global oil benchmarks posted gains during Wednesday’s trading session. Brent crude rose to $69.33 per barrel, while U.S. West Texas Intermediate (WTI) advanced to $64.50 per barrel. Market analysts attributed the upward movement to investor caution and expectations surrounding U.S.–Iran negotiations. Continued geopolitical uncertainty in the region has also provided support to oil prices, reinforcing market volatility. The rise in Basra crude is particularly significant for Iraq, as oil exports remain the country’s primary revenue source and a key driver of fiscal stability. Source: IraqiNews.com 2026-02-12 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share