Basra crude averages $108 in September

In September 2026, the average price of Basra medium crude oil rose significantly, reaching $108.93 per barrel—an increase of $26.89 compared to August, according to a report by OPEC. The report attributes the price hike to supply disruptions and shipping concerns through the Strait of Hormuz, as well as increased demand from European refineries for alternative oil, with influences from the Middle East. Other crude grades also saw similar increases, with the price of Arab Light approaching that of Basra, while Murban from the United Arab Emirates, Brent, and West Texas Intermediate crude prices surpassed the average.

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