Shafaq News- Basrah

Iraq’s Basrah crude grades recorded solid weekly gains, approaching the $110 per barrel mark despite disruptions to southern exports amid rising tensions in the Strait of Hormuz.

Basrah Heavy crude rose $4.99 in the latest session to $108.15 per barrel, bringing its total weekly gain to $3.05, or 2.29%. Basrah Medium crude advanced by the same margin to $110.25 per barrel, posting weekly gains of $3.05, or 2.85%.

Global oil prices are on track for one of their strongest weekly performances, supported by near disruptions in Gulf energy supply chains as escalating security tensions in the Middle East weigh on global supply expectations.