The average price of Basra Medium crude rose to $108.93 per barrel in September 2026, compared with $82.04 in August, marking a monthly increase of $26.89, according to OPEC’s October report.
The report also recorded an increase in the OPEC Reference Basket, which reached $110.59 per barrel, up from $86.44 in the previous month, representing a gain of $24.15.
Among other crude grades, Arab Light was priced at $109.02 per barrel, while the UAE’s Murban crude reached $115.39. Brent crude stood at $116.89 per barrel, and US West Texas Intermediate (WTI) was recorded at $96.38.
OPEC linked the price increases to supply disruptions, concerns over shipping through the Strait of Hormuz, and stronger demand from European refineries for alternative crude supplies amid disruptions to shipments from the Middle East.
