Basra crude jumps more than 8% on oil rally

Shafaq News- Baghdad

Iraq's Basra Heavy and Basra Medium crude posted sharp gainson Wednesday, rising by more than 8% as escalating geopolitical tensions acrossthe region drove global oil prices higher.

Basra Heavy climbed $4.91, or 9.25%, to $57.99 a barrel,while Basra Medium gained the same amount, rising 8.87% to $60.29 a barrel.

The surge coincided with gains in global oil markets. Brentcrude futures rose 1.53% to $86.03 a barrel, while US West Texas Intermediate(WTI) crude advanced 1.27% to $80.35.

Regional benchmark crudes also moved higher, with the UAE'sMurban crude climbing 4.85% to $81.93 a barrel and Saudi Arabia's Arab Lightcrude jumping 7.61% to $77.36.

In contrast, the OPEC Reference Basket slipped 1.52% to$75.09 a barrel, while Dubai crude declined to $69.21 a barrel.