Basra:Basra’s heavy and medium crude grades ended the week with losses, despite a rise in global oil prices. In the final trading session, Basra Heavy crude fell by $2.57 per barrel, closing at $70.08. This marks a weekly loss of $2.08, down from its level of $72.16 per barrel at the beginning of the week.

According to National Iraqi News Agency, Basra Medium crude also dropped by $2.57 per barrel, closing at $73.08. This represents a weekly loss of $2.08 compared to its price of $75.16 per barrel at the start of the week.

Meanwhile, oil prices rose by the close of trading on Friday evening, fueled by concerns that escalating tensions in the Middle East could further pressure supplies. Investors are also assessing the volume of diesel supplies that Russia might inject into global markets. Brent crude futures rose by $3.94, or 3.7 percent, to settle at $109.86 per barrel, the highest level since May 19.

U.S. West Texas Intermediate (WTI) crude futures climbed by $3.44, or 3.5 percent, reaching $101.41 per barrel, marking the highest settlement level since September 17.