Iraq's Basrah Heavy crude traded at $54.04 per barrel on Thursday, posting a marginal gain of less than 1% while major global benchmarks retreated.
The resilience of the Iraqi grade stands in contrast to the broader softness in the oil complex, highlighting a divergence in regional pricing dynamics.
This daily stability extends a significant weekly rally for Basrah Heavy, which has surged more than 12% over the past seven days.
This daily stability extends a significant weekly rally for Basrah Heavy, which has surged more than 12% over the past seven days.
The sharp appreciation marks a decisive turnaround for the country's primary export benchmark, which had previously lagged behind global prices.
The recovery suggests improving demand or tighter supply conditions specific to the Iraqi market, decoupling it temporarily from the wider sell-off.
The price action underscores the growing influence of regional fundamentals on Iraqi crude valuations.