The increase in global oil prices for the second week in a row coincided with gains in the heavy and medium crude oils of Basrah.
The most recent session of Basrah Heavy crude ended on Friday with a gain of $1.54, reaching $74.1 per barrel. This represented a gain of $2.74, or 1.73 percent, over the previous week.
In the same session, Basrah Medium gained $1.49 to close at $77.25 per barrel, representing a weekly increase of $2.59, or 1.86 percent.
Investors weighed the impact of hurricane damage on US demand against the possibility of widespread supply disruptions if Israel targets Iranian oil, which could result in weekly gains for the second week in a row for global oil prices.
The weekly gain for Brent crude was 1.3 percent, while the weekly gain for US West Texas Intermediate (WTI) was 1.6 percent.
