Basrah Crude gains over 8% with strong global oil market rally

Shafaq News/ Basrah crude oil recorded weekly gains exceeding 8%, in line with the strong rally in global oil prices driven by fears of a wider conflict in the Middle East potentially disrupting crude flows.

Basrah Heavy crude concluded its latest session on Friday with an increase of $2.27, closing at $72.48 per barrel, marking a weekly gain of $6.34, or 8.47%.

Basrah Medium rose by $2.27 in the same session, closing at $75.48 per barrel, with a weekly increase of $6.34, or 8.11%.

Global oil prices also saw substantial weekly gains, with Brent crude advancing 9.1% and West Texas Intermediate (WTI) posting similar gains above 9%.

Investors are weighing the possibility of broader conflict in the Middle East, which could disrupt oil flows, despite the current ample supply in the global market.