Basra: Basra crude, both heavy and medium, recorded weekly gains despite price declines in the last trading session, coinciding with a drop in global oil prices. Basra Heavy crude fell by 80 cents per barrel in the last trading session, closing at $82.66 per barrel, but still recorded weekly gains of $8.14, compared to its level at the beginning of the week of $74.52. Similarly, Basra Medium crude also fell by 80 cents per barrel, closing at $85.98 per barrel, recording weekly gains of $8.16, compared to its level at the beginning of the week of $77.82.

According to National Iraqi News Agency, global oil prices ended the week with strong gains, driven by renewed military confrontations between the United States and Iran and continued concerns about Middle East supplies. Brent crude futures rose 76 cents, or 0.8%, to settle at $92.68 per barrel on Friday evening. U.S. West Texas Intermediate crude rose 18 cents, or 0.2%, to $91.48.