Basra Heavy and Basra Medium crude oil recorded strong gains this week, outperforming global oil benchmarks despite broader weakness in international energy markets.
Basra Heavy crude rose by $1.76 in the latest trading session, closing at $61.05 per barrel. The increase represented a daily gain of 2.97%. Over the course of the week, Basra Heavy added $10.57 per barrel, marking a total weekly gain of 17.3%.
Basra Medium crude also posted solid results. It gained $1.76 during the final trading session of the week, reaching $63.15 per barrel. This represented a daily increase of 2.87%. On a weekly basis, Basra Medium climbed by $10.57 per barrel, delivering an impressive gain of 20.1%.
While Iraqi crude grades moved higher, global oil markets experienced a different trend. Major benchmark prices finished the week in negative territory as traders reacted to ongoing market pressures and concerns about future demand.
Brent crude closed at $71.96 per barrel, down $3.30 for the week, representing a decline of 4.38%.
Meanwhile, U.S. West Texas Intermediate (WTI) crude settled at $69.12 per barrel, recording a weekly loss of $2.77, or 3.85%.
The sharp rise in Basra crude compared with the decline in global benchmarks highlights the strong performance of Iraq’s oil grades during the week. Despite volatility in international markets, both Basra Heavy and Basra Medium managed to post double-digit percentage gains, making them among the strongest-performing crude grades during the period.
The gains also reflect continued demand for Iraqi crude exports, even as global oil prices face pressure from shifting market expectations and economic uncertainty.
