Basra: Basra Heavy and Basra Medium crude oils posted weekly gains despite a decline in global oil prices at the close of trading this week, following a rally that lasted for most sessions.

According to National Iraqi News Agency, Basra Heavy crude rose by $1.47 per barrel, or 2.28%, to settle at $65.82 per barrel on Friday evening, recording weekly gains of $10.93, or 16.61%, compared to the beginning of the week.

Basra Medium crude also rose by $1.47 per barrel, or 2.21%, to close at $68.12 per barrel, achieving weekly gains of $10.93, or 16.05%, compared to the start of the week. Oil prices fell at settlement on Friday evening but remained on track for strong weekly gains, after geopolitical tensions in the Middle East supported prices throughout the week. The gains came under pressure after a report that China had begun efforts to revive stalled peace talks between the United States and Iran.

Brent and West Texas Intermediate crude oil prices rose throughout the week as the US and Iran exchanged missile strikes, shipping traffic through the Strait of Hormuz slowed, and Houthi attacks in Yemen targeted vessels in the Red Sea. Brent crude futures settled down $3.91, or 3.88%, at $96.78 a barrel, after surpassing $100 in the previous session for the first time since May, but still posted weekly gains of nearly 10%. US West Texas Intermediate crude futures also declined on Friday, falling $2.88, or 3.12%, to $89.31 a barrel, while recording weekly gains of 8.27.