Basra: Basra crude, encompassing both heavy and medium variants, experienced weekly declines despite an uptick in prices during the final trading session, amidst a broader decrease in global oil prices.

According to National Iraqi News Agency, Basra Heavy crude oil saw an increase of $1.67 per barrel during the last trading session, closing at $74.52. However, it recorded a weekly loss of $5.37, having started the week at $79.89. Similarly, Basra Medium crude rose by $1.67 per barrel to close at $77.82, yet ended the week with a loss of $5.37 from its initial level of $83.19.

The decline in global oil prices this week can be attributed to the ongoing flow of millions of barrels of crude through the Strait of Hormuz, which has helped stabilize prices. The uncertainty surrounding the potential for conflict between Iran and the United States further adds to the complexities impacting oil markets.

In the broader oil market, Brent crude futures for November delivery settled close to $88 a barrel, while West Texas Intermediate closed at approximately $83, marking a decrease of about 4% for the week. Despite these fluctuations, Brent crude has seen an increase of more than 45% since the start of the year, as geopolitical tensions continue to influence market dynamics.