Basrah Crude bounces back, ending losing streak

Shafaq News/ Basrah Heavy and Basrah Medium crude oil prices recorded weekly gains, following a notable increase in the final trading session of the week ending on Friday.

Basrah Heavy closed Friday’s trading session up $1.34 at $65.31 per barrel, registering a weekly gain of $3.62, or 5.87%.

Basrah Medium gained $1.34 in its last session to settle at $68.46 per barrel, marking a weekly increase of $3.44, or 6.29%.

The upward momentum in oil markets came amid heightened geopolitical tensions, after Washington imposed fresh sanctions on Iranian oil exports, amplifying concerns over global supply.