Basrah crude falls almost 8 percent on Tuesday even as Brent rises, widening the discount on Iraqi grades

According to oil price data reviewed by Shafaq News, Iraq's Basrah crude grades posted notable losses in Tuesday's session on 4 August 2026, even as global oil prices moved higher the same day.

Basrah Heavy crude fell 4.45 dollars, or 7.92 percent from the previous session, to 51.76 dollars per barrel. Basrah Medium crude dropped by the same 4.45 dollars, or 7.61 percent, to 54.06 dollars per barrel.

Meanwhile Brent futures rose 1.12 dollars, or 1.3 percent, to 84.89 dollars a barrel by 03:55 GMT, while US West Texas Intermediate gained 77 cents, or 1 percent, to 81.11 dollars a barrel. The gains came amid continued uncertainty over talks aimed at ending the US Iran conflict and lingering concerns over the security of West Asian oil supplies. Basrah grades moving opposite to the global benchmarks means the discount on Iraqi crude has widened; Basrah grades compete directly with Iranian crude in the Asian market.