Basrah Heavy crude fell 14.6 percent over the week to 56.21 dollars a barrel

Basrah crude grades posted steep losses in the week ending 1 August 2026 (10 Mordad 1405). Basrah Heavy fell 1.89 dollars, or 3.25 percent, in the final trading session of the week to settle at 56.21 dollars a barrel, a weekly loss of 9.61 dollars or 14.60 percent.

Basrah Medium slipped by the same 1.89 dollars, or 3.13 percent, in that session to close at 58.51 dollars a barrel, a weekly loss of 9.61 dollars or 14.11 percent.

Notably, the decline came in a week when global oil futures finished higher, meaning the discount on Basrah grades relative to international benchmarks widened. Basrah grades compete directly with Iranian crude in the Asian market, so shifts in their discount feed through to regional pricing.