Iraq's Basrah Heavy crude surged more than 3.5% on Wednesday, reversing a steep decline that had seen the benchmark fall $2.75 to $47.73 per barrel just a day earlier.
The rebound tracks a broader rally across global oil markets, as traders recalibrate risk amid persistent uncertainty surrounding US-Iran negotiations.
45%, mirroring a wider pullback in energy benchmarks as investors digested mixed geopolitical signals.
The price action reflects a shift in market sentiment from the previous session's retreat.
On Tuesday, Basrah Heavy had dropped 5.45%, mirroring a wider pullback in energy benchmarks as investors digested mixed geopolitical signals.
The Wednesday recovery suggests that supply-side fears are reasserting themselves, particularly as diplomatic channels between Washington and Tehran remain opaque.
This volatility follows a period of heightened regional tension.