Basra: Basra Heavy and Medium crude oil posted notable weekly gains exceeding 2%, as global oil prices began to rise once more.

According to National Iraqi News Agency, Basra Heavy crude oil concluded its most recent trading session on Friday with a $2.16 increase, reaching a price of $61.16. This marks a weekly gain of $1.24, or 2.07%. Similarly, Basra Medium crude oil closed its session with a $2.16 rise, reaching $64.31, and recording a weekly gain of $1.24, or 1.97%.

In the global market, oil prices experienced an increase of $1.07, or 1.7%, achieving weekly gains of 4%, or $1 per barrel. This upward trend comes amid optimism that ongoing trade talks between the United States and China will yield positive outcomes for the oil market, as the current high tariff levels continue to pose recession risks.