Baghdad: Basra Heavy and Basra Medium crude oil closed with slight gains for the week. Basra Heavy crude oil rose by $1.06 in its last trading session on Friday, reaching $62.07, a weekly gain of 34 cents, or 0.55%. Basra Medium crude oil also closed higher in its last trading session, rising by $1.06 to reach $63.92, and recording a weekly gain of 34 cents, or 0.53%.

According to National Iraqi News Agency, global oil prices rose, supported by supply concerns following a Ukrainian attack on a Russian oil storage facility, considered one of Russia's most important energy hubs. Brent crude recorded weekly gains of approximately 1.19%, while US crude achieved weekly gains of approximately 0.57%.