Basra Heavy and Basra Medium crude oil finished last week on a strong note, posting solid price gains.
By the close of trading on Friday, Basra Heavy crude rose by 35 cents, settling at $63.75 per barrel. That move added up to a weekly gain of $4.10, or about 6.7%.
Basra Medium crude followed the same path. It also climbed 35 cents on Friday to close at $66.20 per barrel, marking a weekly increase of $4.10, or roughly 6.4%.
So what’s driving the jump?
Oil prices are climbing as tensions rise in the region, especially after U.S. attacks on Iran. These developments have sparked fears of possible supply disruptions, pushing prices higher.
On the global side, the trend is just as strong.
Both Brent crude and U.S. oil are on pace to record their first monthly gains in six months. Brent is up nearly 15%, its biggest monthly rise since January 2022. Meanwhile, West Texas Intermediate (WTI) crude has climbed about 12%, marking its strongest monthly gain since July 2023.
All signs point to a market reacting fast to rising risks and tightening supply concerns.
