Basra: Basra Heavy and Medium crude oil recorded significant weekly losses following the decline in global oil prices.

According to National Iraqi News Agency, Basra Heavy crude closed its last session on Friday, down $3.29 to $66.97, marking a weekly loss of $4.36, or 6.11%. Similarly, Basra Medium crude oil closed down $3.28 to $70.02, recording a weekly loss of $4.36, or 5.86%.

Brent and US crude also posted weekly losses at the end of the week. This development followed markets being shocked by the unexpected increase in OPEC+ production, alongside the tariffs imposed by US President Donald Trump, which could potentially lead to a reduction in global demand.