This week closed on a positive note for Basrah crudes. Both Basra Heavy and Basra Medium ended the week with solid gains. The performance reflected global oil market momentum and regional stability in exports.
Basra Heavy increased by 15 cents. It settled at $68.24 a barrel. The grade recorded a weekly rise of 2.88%. Meanwhile, Basra Medium climbed by the same amount. It closed at $69.78 a barrel. This marked a 2.8% gain for the week.
The strength of Basrah crudes aligned with global benchmarks. Brent crude rose 71 cents, or 1.02%, to $70.13 a barrel. US West Texas Intermediate (WTI) crude advanced 74 cents, or 1.14%, to finish at $65.72 a barrel.
Analysts pointed out that steady global demand supported the rise. Iraq benefits directly from this trend, as Basrah crudes represent a major share of the country’s exports. Higher prices increase revenues and provide more fiscal stability for the government.
The gains also reflect strong buying interest from Asian markets. Refineries in China and India remain key buyers of Basrah crudes. Their continued demand ensures steady shipments and supports Iraq’s role as a reliable supplier.
At the same time, market watchers noted that rising transport and refining margins added pressure globally. However, the relative strength of Middle Eastern grades, including Basra Heavy and Basra Medium, gave Iraq an advantage in the market.
The week’s price action highlights a trend of resilience for Iraq’s oil exports. As long as demand holds, Basrah crudes are expected to maintain competitive levels against other benchmarks. Traders will continue to monitor shipping flows, OPEC+ policy, and global demand patterns.
For now, Iraq’s southern oil grades are closing September’s final trading days with confidence. The steady upward movement signals stronger revenues in the near term.