Oil prices for Basra crude jumped sharply this week, with both heavy and medium grades posting record gains of more than 30% as tensions in the region continue to rise.
According to an economic source, Basra Heavy crude oil climbed $8.83 in the latest trading session, reaching $112.82 per barrel. Over the week, it gained $30.20, a jump of about 36.6%.
At the same time, Basra Medium crude oil closed at $114.77 per barrel, also rising $30.20 during the week, marking a 35.7% increase.
The surge in prices is mainly driven by growing fears that oil supplies from the Gulf could be disrupted, as the military confrontation between Iran and the United States enters its third week.
Despite efforts by the International Energy Agency and the U.S. to calm the market, ongoing military activity and rising tensions in the region have kept pressure on global energy markets, creating fresh uncertainty for the world economy.
