Recent market activity has shown a decline in the prices of Basra heavy crude and Mediterranean crude oil while global oil prices have stabilized. On Tuesday, Basra heavy crude recorded a decrease of $0.68, equivalent to 0.89%, bringing the price to $75.92 per barrel. Similarly, Mediterranean crude also saw a reduction of $0.68, or 0.85%, resulting in a price of $79.17 per barrel.
This stabilization in oil prices comes amid concerns regarding weak economic indicators from China and anxiety over proposed tariffs from U.S. President Donald Trump, which may exert additional pressure on economic growth and energy demand. In the broader market, Brent crude was priced at $77.18, while West Texas Intermediate (WTI) crude stood at $73.19.