Shafaq News– Basrah

Basrah Heavy and Basrah Medium crude grades closed the week with solid price gains, tracking a broader rally in global oil markets driven by heightened geopolitical risks.

Basrah Heavy rose by 35 cents in its final Friday session to $63.75 a barrel, posting weekly gains of $4.10, or 6.71%.

Basrah Medium also added 35 cents to settle at $66.20 a barrel, recording weekly gains of $4.10, equivalent to 6.45%.

Oil prices advanced as markets priced in higher supply risks following possible US strikes on Iran, raising concerns over potential disruptions to energy flows.

Global benchmarks are now on course to record their first monthly gains in six months. Brent crude has climbed 14.7%, marking its sharpest monthly rise since January 2022, while US crude is heading for a 12% increase, its biggest monthly gain since July 2023.