Basrah Crude Prices Soar as Global Oil Prices Rise

Basrah crude oil prices experienced significant gains over the past week. The Basrah Heavy and Basrah Medium grades both rose, with the latter gaining $18.51 a barrel to reach a 30.16% increase. This rise was mirrored in global oil prices, which saw West Texas Intermediate gain $0.01 and Brent climb $0.27.

The final trading session saw Basrah Heavy close at $79.89 after a $1.53 a barrel increase, while Basrah Medium settled at $83.19 following a similar price rise. The upward trend in global oil prices is likely contributing to the gains seen in these crude grades.