Basra heavy and medium crudes surge over 10% weekly despite late dip

Pipelines in the oil refinery of Zubair, southwest of Basra in southern Iraq. Photo: Haidar Mohammed Ali/AFP via Getty Images Basra (IraqiNews.com) — Iraq’s flagship export grades, Basra Heavy and Basra Medium, logged substantial double-digit weekly gains, even as both contracts retreated by 80 cents per barrel in their final trading sessions alongside wider pullbacks across international crude benchmarks. The weekly rally reflects heightened geopolitical risk premiums and localized shipping disruptions in Middle Eastern maritime transit corridors, which tightened regional sour crude supplies despite late-week profit taking in global benchmark contracts. Weekly Performance of Basra Export Crudes Basra Heavy Crude: Settled at $82.66 per barrel after slipping 80 cents (–0.96%) in the closing session. Across the full week, the heavy benchmark posted an absolute gain of $8.14 per barrel (+10.93%), surging from its opening price of $74.52 per barrel. Basra Medium Crude: Concluded trading at $85.98 per barrel, shedding 80 cents (–0.92%) on the day. Over the weekly cycle, the medium grade advanced by $8.16 per barrel (+10.49%) from its baseline start of $77.82 per barrel. In international energy markets, crude benchmarks experienced modest late-week consolidations: Brent Crude: Settled at $95.38 per barrel, down 14 cents (–0.10%). West Texas Intermediate (WTI): Closed at $90.64 per barrel, declining 66 cents (–0.72%). Pricing Comparison & Weekly Variance Crude Grade / BenchmarkOpening Price (USD)Closing Settlement (USD)Daily ChangeWeekly Gain ($)Weekly Change (%)Basra Heavy$74.52$82.66–$0.80 (–0.96%)+$8.14+10.93%Basra Medium$77.82$85.98–$0.80 (–0.92%)+$8.16+10.49%Brent Crude—$95.38–$0.14 (–0.10%)—Net consolidationWTI Crude—$90.64–$0.66 (–0.72%)—Net consolidation The strong weekly advance for Basra grades highlights the sensitivity of Iraqi crude differentials to geopolitical developments and shipping bottlenecks in regional waterways. While broader economic headwinds and benchmark fluctuations led to minor pullbacks during the final session, sustained physical demand for Gulf sour grades provided firm price support, keeping both Basra varieties comfortably above their late-August pricing floors.