Basrah Crude Recovers 24 Percent From July Low to Reclaim the $57 Mark

Basrah Medium crude, Iraq's main export benchmark, has recovered about 24 percent from its July low to reach 57 dollars and 9 cents a barrel, according to price data reviewed by Shafaq News on Monday, 19 Mordad 1405 (August 10, 2026), though it remains nearly 58 percent below its peak earlier this year. The crude rose 3.93 percent Monday, extending a gradual recovery that began after prices fell to about 46 dollars a barrel in mid-July. Basrah crude had reached about 135 dollars a barrel in early April, its highest level this year, before a sharp decline of about 89 dollars, or roughly 66 percent, over the following months. Since hitting the July low, the crude has gained about 11 dollars, or 24 percent, bringing it back above the 57 dollar mark.