Basrah Heavy crude increased by $3.74, or 5.08%, to $77.30 per barrel, while Basrah Medium crude climbed by $3.79, or 4.94%, to settle at $80.55 per barrel.
Oil prices rose on Wednesday, recovering some of the losses from the previous day, as attention shifted back to the potential supply disruptions resulting from sanctions on Russian tankers. However, the gains were limited as the market awaited further clarity on the long-term impact of the sanctions.
By 05:15 GMT, Brent crude futures increased by 11 cents, or 0.1%, to $80.03 a barrel, after a 1.4% drop in the previous session. US West Texas Intermediate (WTI) crude rose by 23 cents, or 0.3%, to $77.73 a barrel, following a 1.6% decline on Tuesday.
