Basra crude oil prices ended the week with noticeable losses, despite posting gains in the final trading session, as global oil markets remained under pressure from geopolitical developments and ongoing concerns about shipping and supply disruptions.
Basra Heavy crude rose by $1.67 in the latest session, closing at $74.52 per barrel. However, it still recorded a weekly loss of $5.37, representing a decline of 7.21% from the start of the week.
Basra Medium crude also gained $1.67 during the last trading session, settling at $77.82 per barrel. Despite the increase, it finished the week down $5.37, a loss of 6.90%.
The weakness in Basra crude mirrored broader trends in global oil markets. West Texas Intermediate (WTI) crude closed at $83.46 per barrel, while Brent crude settled at $89.37 per barrel.
The weekly decline reflects growing market concerns over global economic conditions, geopolitical uncertainty, and disruptions affecting transportation routes and energy supply chains, all of which continue to influence oil price movements worldwide.
