Iraq’s Basrah crude surges nearly 9% on week

2026-02-21 - 06:53

Shafaq News- Baghdad Iraq’s Basrah Heavy crude rose to $68.14 per barrel in the latest trading session, gaining $5.61 on the week, or 8.97%, as global oil prices advanced. Basrah Medium climbed to $70.39 per barrel, also up $5.61 over the week, marking an 8.66% increase. Brent crude rose 5.1% during the week, while US West Texas Intermediate gained 5%, with prices hovering near six-month highs. Markets moved higher amid rising geopolitical tensions after Washington warned Tehran it would face consequences if it failed to reach a deal on its nuclear activities within days. Iraq, OPEC’s second-largest oil producer, exports roughly 70% of its crude to Asia, 20% to Europe, and 10% to the United States.