Notable Decline in Iraqi Oil Sale Prices Due to Discounts Linked to Strait of Hormuz Tensions

The export prices of Iraqi crude oil via maritime routes have recorded a notable decline, following the provision of exceptional price discounts to counter navigation restrictions caused by geopolitical tensions in the Strait of Hormuz. Economic experts reported that the price of Basra Medium crude dropped to $68 per barrel, while Basra Heavy fell to $66, based on marketing data showing discounts exceeding $30 per barrel compared to global benchmark prices. This measure by the national oil marketing company comes to ensure the continued flow of exports and secure long-term buyers, at a time when maritime transport faces major challenges amidst international efforts to reach a truce that ends the escalating tensions in the region.