mniraq - The monthly report from the Organization of the Petroleum Exporting Countries (OPEC) revealed a sharp increase in Basrah Medium crude prices, reaching an average of $108.93 per barrel up from $82.04 in the previous month.
The report highlighted that the OPEC reference basket climbed to $110.59 per barrel, alongside gains in global benchmarks including Brent, WTI, Arab Light, and Murban.
OPEC attributed the surge to supply disruptions, shipping concerns through the Strait of Hormuz, and increased demand from European refineries seeking alternative crude sources.
