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Basra Crude Faces Weekly Setback Despite Global Oil Price Surge

Oil Market Update: Price Movements and Trade Implications

In the latest trading session, oil prices experienced a modest increase, with the average price in Basra rising by 44 cents to reach $78.23 per barrel. However, this uptick was offset by a weekly decline of $3.45—or 4.22%—reflecting ongoing market volatility.

Substantial losses were recorded for both Brent and West Texas Intermediate (WTI) crude benchmarks over the past week. Market participants are closely monitoring anticipated customs tariffs to be imposed by the United States on Canadian and Mexican imports, which could significantly impact crude oil supply dynamics.

On Friday, oil prices rebounded as traders assessed the market’s reaction to threats from U.S. President Donald Trump regarding the imposition of tariffs on these key oil-exporting nations. Should these tariffs take effect early next week, they may disrupt the existing trade flow of crude oil into the United States.

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