Average Price of Basrah Medium Crude Rises to Over $108 per Barrel

mesoiraq Basrah Medium crude recorded a notable price increase, averaging $108.93 per barrel compared to $82.04 in the previous month, marking a monthly increase of $26.89, according to the Organization of the Petroleum Exporting Countries OPEC report. The report showed that the OPEC reference basket rose to $110.59 per barrel compared to $86.44 in the previous month, an increase of $24.15 per barrel. OPEC attributed the rise in global crude prices to supply disruptions and shipping concerns through the Strait of Hormuz, as well as increased demand from European refineries for alternative crude supplies, amidst impacts on shipments from the Middle East.