Basrah crude records slight losses in a week

Shafaq News/ Basrah crude oil recorded slight weekly losses last week, while global oil benchmarks Brent and West Texas Intermediate (WTI) also fell under pressure from escalating Middle East tensions.

Basrah Heavy crude concluded its latest session on Friday with an increase of $1.13, closing at $69.11 per barrel, marking a weekly loss of $0.36, or 0.52%.

Basrah Medium rose by $1.13 in the same session, closing at $72.26 per barrel, with a weekly loss of $0.36, or 0.50%.

Global oil prices recorded weekly losses as geopolitical tensions rose, with reports indicating that Iran may launch a retaliatory strike against Israel in the coming days, threatening potential supply disruptions.

Brent crude posted a 3.8% weekly loss, while WTI recorded a 3.2% decline over the same period.

Despite the recent drop, both Brent and WTI saw monthly gains in October, with Brent up 2% and WTI rising 2.2%, supported by geopolitical factors in the Middle East and anticipation around the upcoming US elections.