Basra crude posts nearly 30% weekly gain on global rally, geopolitics

BASRA, Iraq — Basra heavy and medium crude oil closed the week with sharp gains, tracking a broad rise in global oil prices and regional geopolitical developments. Basra heavy crude settled at $79.89 a barrel on the final trading day, up $1.53, or 1.95%, with the weekly increase reaching $18.51, or 30.16%, from $61.38 at the start of the week. Basra medium crude rose by the same amount in dollar terms, ending the session at $83.19 a barrel, a daily gain of 1.87%. On a weekly basis, it added $18.51, or 28.62%. Internationally, West Texas Intermediate crude climbed to $86.84 a barrel, while Brent reached $94.05. The weekly jump in Basra pricing came as geopolitical tensions and disruptions to shipments and supply flows continued to influence global oil markets.