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A new decline hits Iraqi oil prices amid a drop in global markets.

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11/11/2026 | 08:39 AM

Today, Wednesday, Iraqi oil prices have recorded a noticeable decline in the latest price evaluations, coinciding with a drop in oil prices in global markets. According to the published data, the price of Basra Heavy crude fell to $51.61 per barrel, recording a loss of $4.05, while Basra Medium crude decreased to $55.61 per barrel, with a similar decline. This drop comes amid fluctuations in global energy markets and a reduction in fears of escalating geopolitical tensions, along with ongoing pressures related to oil supply movements and shipping costs. Oil is the main source of financial revenues in Iraq, making the continued decline in its prices a significant factor in public revenues and the federal budget.