Shafaq News/ Iraq’s Basrah crude logged weekly gains mirroring the global oil markets.

Basrah Heavy closed Friday's trading session $1.6 higher at $69.29 a barrel, marking a weekly gain of $3.37 or 3.95%.

Basrah Medium rose $1.6 to settle at $72.44 per barrel, achieving a weekly increase of $3.37 or 3.77%.

Global crude benchmarks also rallied. Brent crude posted a weekly gain of 5.8%, while US West Texas Intermediate (WTI) crude climbed 6.4%.

Analysts attributed the uptick to escalating geopolitical tensions, including the intensifying Ukraine war and Russian President Vladimir Putin's warnings of a potential global conflict.