Basra: Basra heavy and medium crude oil prices rose on Friday morning, in alignment with the upward trend in the global oil market. Basra medium crude oil reached $71.68 per barrel, while Basra heavy crude was priced at $68.58 per barrel, both experiencing a change of +0.42.

According to National Iraqi News Agency, the increase in oil prices came after US President Donald Trump indicated he would make an announcement concerning Russia, which raised the possibility of further sanctions. This development added to the market’s dynamics, although concerns about tariffs and increased production from OPEC and its allies somewhat tempered the gains.

In the broader market, Brent crude futures experienced a rise of 19 cents, or 0.28%, reaching $68.83 a barrel by Friday morning. Similarly, U.S. West Texas Intermediate (WTI) crude futures saw an increase of 24 cents, or 0.36%, to $66.81 a barrel. These movements reflect the ongoing fluctuations and geopolitical factors influencing the global oil market.