Iraq's Basrah crude grades finished the week more than 23 percent lower, even after a rebound in the final trading session, as global oil benchmarks eased and hopes of a de-escalation in the conflict between the United States and Iran pulled the war premium out of crude.

Basrah Heavy rose $2.59, or 4.88 percent, in the last session to settle at $55.66 a barrel. Even so, the grade was still down $18.46, or 24.91 percent, from $74.12 at the start of the week. Basrah Medium gained the same $2.59, or 4.54 percent, to close at $59.66 a barrel, leaving it down $18.44, or 23.61 percent, from an opening level of $78.10.

The two grades are Iraq's main export streams from its southern terminals and a key source of federal revenue, so a weekly fall of this size matters well beyond the trading floor. The scale of the drop also underlines how far Iraqi crude has fallen behind the global benchmarks during the sell-off, with both grades now trading at a wide discount to Brent.

The wider oil market had a brutal week. Benchmark futures fell sharply as investors bet that the US midterm election results could open the way to a diplomatic settlement with Tehran, while recovering supplies from the Gulf added to the pressure. Traders will now watch whether the de-escalation hopes hold, and whether OPEC's monthly report, due next week, changes the outlook for supply.

For Iraq, the question is whether the rebound seen in Friday's session can build into a steadier recovery, or whether another week of heavy losses lies ahead if diplomacy stalls.

[Source: theinsightinternational.com](https://theinsightinternational.com/basrah-crude-finishes-week-down-more-than-23-percent/) | [Source: dinaropinions.com](https://dinaropinions.com/basra-crude-oil-suffers-weekly-losses-of-over-18/)