BAGHDAD, March 21, 2026 (WAFA) – Global oil prices jumped by nearly 4% early Saturday following Iraq's decision to cut production, amid the repercussions of the U.S.–Israeli war on Iran.
The price of Brent crude reached $112.4 per barrel, marking a 4% increase, while West Texas Intermediate crude rose to $98.35 per barrel, up 2.8% as of 20:00 GMT.
The surge came after Iraq announced it had reduced production of Basra crude to 900,000 barrels per day, compared with about 3.3 million barrels previously.
Iraqi Oil Minister Hayan Abdul-Ghani said in a statement on Friday evening that the reduction resulted from the suspension of exports from southern ports, noting that the quantities are currently being directed to operate domestic refineries, according to the Iraqi News Agency.
The war on Iran has also affected energy supplies amid a sharp decline in maritime traffic through the Strait of Hormuz, with reports indicating hundreds of vessels have piled up on both sides of the strategic waterway due to growing security risks.
M.N
