Basra crude posts weekly gain despite Friday session decline

BASRA, Iraq — Basra heavy and medium crude closed the week higher despite falling in the final trading session, according to oil market data. Basra heavy crude ended the day down 92 cents, or 1.51%, at $61.38 a barrel, but gained $6.59, or 12.03%, compared with its $54.79 starting level earlier in the week. Basra medium crude slipped 94 cents, or 1.43%, to settle at $64.68 a barrel, while climbing $7.59, or 13.29%, from the start of the week. On global benchmarks, West Texas Intermediate rose to $82.28 a barrel and Brent to $88.37, while Murban crude traded at $88.02 a barrel. The weekly gains in Basra grades were driven by price increases recorded earlier in the week. Global oil markets continue to be shaped by regional geopolitical developments and disruptions to shipping movements, which have influenced price action across both Middle Eastern and international benchmarks.