Basrah Heavy, Medium Crude Record Weekly Losses

2026-10-31 Shafaq News- Basrah  Iraq’s Basrah crude grades ended the week down by around 0.15%, despite gains in the final trading session and rising global oil benchmarks.

Basrah Heavy crude climbed by $1.09, or 1.49%, in the final session to settle at $74.11 per barrel, but recorded a weekly loss of $0.10, or 0.13%, from $74.22 at the start of the week.

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GLOBAL PAYMENTS RESET WATCH: BRICS PAYMENT SYSTEM GAINS ATTENTION AS COMMON CURRENCY REMAINS A DISTANT GOAL

A new policy report urges BRICS nations to advance cross-border payment cooperation and local-currency settlement, while acknowledging that creating a shared currency remains a much greater challenge.

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GLOBAL ENERGY RESET WATCH: STRAIT OF HORMUZ TANKER ATTACK RENEWS FEARS OF OIL SUPPLY DISRUPTION

A reported attack on a commercial tanker in one of the world's most important oil corridors is adding fresh pressure to energy markets already facing geopolitical uncertainty.

Al-Jubouri: Raising The Dollar Exchange Rate Doubles Agricultural Production Costs By 20%

The former member of the Parliamentary Committee on Agriculture and Water, Thaer al-Jubouri, confirmed on Friday that agricultural production costs in Iraq have increased by 15 to 20 percent following the rise in the dollar exchange rate, noting that this will place a heavy burden on farmers in the country.

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GLOBAL PAYMENTS RESET WATCH: BIS EXAMINES THE FUTURE OF CENTRAL BANK MONEY IN A DIGITAL FINANCIAL SYSTEM

The Bank for International Settlements is examining how central banks can preserve trust in money as digital payments, tokenized deposits, stablecoins, and new financial platforms reshape the global payment system.