Iraq Provides Discount on Basra Oil

Reuters reported that the Iraqi Oil Marketing Company (SOMO) offered discounts ranging from $14 to $16 per barrel on Basra medium crude, and between $16.80 and $18.80 on Basra heavy crude, in an effort to attract buyers to import oil in July. Despite these significant discounts, passage through the Strait of Hormuz remains uncertain due to challenges faced by shipping movements amidst escalating tensions between the United States and Iran. Additionally, freight rates for oil shipping have decreased, with daily charter costs for transporting two million barrels dropping from around $600,000 to approximately $300,000.

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