Iraq Oil Prices Dip Amid Global Market Fluctuations
On March 7, 2025, morning trading reflected a notable decline in Iraqi oil prices within the global market. Basra Crude was priced at $70.84 per barrel, while heavy crude recorded $67.79 per barrel, marking a minor change of -0.86 for both oil grades set for May 2025 delivery.
In tandem with Iraqi prices, global crude benchmarks also experienced downward pressure. Brent crude was quoted at $69.57 per barrel, while the U.S. West Texas Intermediate (WTI) stood at $66.42 per barrel, reflecting a change of -0.11 respectively.
The following table summarizes these price movements:
| Oil Type | Price per Barrel | Change |
|---|---|---|
| Basra Crude | $70.84 | -0.86 |
| Heavy Crude | $67.79 | -0.86 |
| Brent Crude | $69.57 | -0.11 |
| U.S. West Texas Crude | $66.42 | -0.11 |
This price adjustment underscores the shifting dynamics of the oil market, influenced by various global economic factors.
