Basra: Basra Heavy and Basra Medium crude closed with gains last week due to military tensions in the region. Basra Heavy crude closed down 92 cents at $59.74 in its last trading session on Friday, but still recorded a weekly gain of 86 cents, or 1.46%. Basra Medium crude also closed down 92 cents at $62.19, but still recorded a weekly gain of $1.74, or 2.88%.

According to National Iraqi News Agency, the global oil market saw positive movements as Basra’s crude variants posted significant weekly gains. In addition to Basra crude, Brent and WTI crude also reported weekly gains of 1.6%, influenced by the ongoing regional tensions that have impacted oil prices internationally.