Iraq's Basrah crude rises about 3 percent even as global benchmarks fall

Iraq's Basrah crude climbed about 3 percent on Wednesday, 5 August 2026 (14 Mordad 1405), moving against the downward trend in global oil benchmarks the same day.

Basrah Heavy rose by $1.57, or 3.03 percent, to $53.33 a barrel, while Basrah Medium gained the same $1.57, or 2.90 percent, to settle at $55.63 a barrel.

Over the same period, Brent crude futures fell by 92 cents, or about 1.2 percent, to $78.44, while US West Texas Intermediate lost $1.07, or 1.4 percent, to $74.70. OPEC's basket held steady at $79.50 a barrel and Saudi Arabia's Arab Light rose to $74.45. Divergence between regional grades and global benchmarks typically reflects differences in refinery demand and local supply conditions.