Baghdad: Oil prices rose by about 3% at settlement, with Brent crude futures increasing $1.72, or 2.5%, to $70.36 per barrel. US West Texas Intermediate (WTI) crude also saw a rise, climbing by about $1.88, or 2.8%, to $68.45 per barrel.

According to National Iraqi News Agency, Brent crude experienced a 3% increase over the week, while WTI crude recorded weekly gains of approximately 2.2%. The International Energy Agency (IEA) announced on Friday that global oil market supplies might be lower than perceived, as refineries are enhancing refining activities to cater to the demands of summer travel and electricity consumption.

Brent crude futures for September delivery were noted to trade $1.20 higher than the futures for October 2025, reflecting the current market conditions and expectations.