Baghdad: Basra Heavy and Basra Medium crude oils posted weekly gains despite declining in the last trading session, supported by rising global oil prices last week.

According to National Iraqi News Agency, Basra Heavy crude fell by $1.94 per barrel, or 3.41%, to close at $54.89, but still recorded weekly gains of $6.62, or 12.06%, compared to the beginning of the week. Similarly, Basra Medium crude also declined by $1.94 per barrel, or 2.78%, to close at $57.19, but ended the week up by $7.42 per barrel, representing gains of 12.84% compared to the start of the week.

Global oil prices rose by more than 4% at settlement on Friday evening after the United States and Iran intensified their attacks across the Gulf region, disrupting oil flows through the Strait of Hormuz, while Tehran warned the Houthis to prepare to close the export route through the Red Sea. Brent crude futures rose $3.46, or about 4.11%, to $87.69 a barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $3.34, or 4.23%, to $82.29 a
barrel. Both benchmarks have gained about 15% this week, with Brent on track for its third consecutive weekly gain and WTI for its second.