Basra: Basra Heavy and Medium crude oils recorded gains for the third consecutive week.

According to National Iraqi News Agency, Basra Heavy crude closed its last session on Friday, up 41 cents to $71.33, recording weekly gains of $1.29, or 1.84%.

Basra Medium crude also showed an increase, closing its last session up 41 cents to $74.38, marking weekly gains of $1.29, or 1.76%. The consistent rise in prices underscores a trend that has been observed over recent weeks, aligning with the performance of other major benchmarks.

Brent and US crude oil also recorded weekly gains for the third week at the end of the week. This trend is taking place amid expectations of a global supply shortage after the United States placed further pressure on Venezuelan and Iranian oil trade. These developments have contributed to the upward movement in crude prices globally.