SINGAPORE / RankWire.AI / – Oil prices held above $100 per barrel on Friday amid ongoing supply disruptions that maintain tightness in the worldwide crude markets. Brent crude futures decreased 1.9% to $105.62 a barrel by 0555 GMT, while U.S. West Texas Intermediate crude fell 1.4% to $101.10. Despite Friday’s decline, both benchmarks still saw significant gains for the week. Since early August, Brent has experienced substantial growth, driven by disruptions along key shipping routes in the Middle East that have diminished available supplies.
For the week, Brent and WTI both rose nearly 13%, marking their most robust weekly increase since mid-July. Thursday’s session saw both benchmarks climb over 6%, with Brent closing at $107.63 and WTI at $102.48. These price movements followed renewed attacks impacting regional oil infrastructure and shipping routes. The ongoing restricted traffic through the Strait of Hormuz continues to hinder crude transportation from major Gulf producers.
The shipping risks have also impacted the Red Sea after Houthi forces took control of Yemen’s port of Mocha on Thursday. This event added additional pressure along another critical trade route used for energy shipments. Additionally, attacks on tankers in the Gulf waters have increased recently. The Strait of Hormuz remains essential for global crude and fuel exports, although current flow levels are below those seen before the ongoing conflict began.
Disruptions to supply tighten the global oil market
International Energy Agency reported that 8.3 million barrels per day of Gulf output stayed offline in July. During the same period, global oil inventories decreased by 69 million barrels, bringing total stocks roughly 410 million barrels below levels prior to the conflict’s onset. The agency anticipates a decline in global oil supply by an average of 4.3 million barrels daily in 2026 and has coordinated emergency oil reserve releases amid the ongoing disruptions.
On September 6, OPEC+ producers agreed to uphold their September production levels for October, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. Previously, the group had adjusted supply levels based on changing global market conditions. The latest decision maintains October’s required production at September’s levels. This framework remains a key factor for traders monitoring crude supplies outside regions affected by shipping and infrastructure issues.
Brent and WTI continue to trade well above critical price points
Rising crude prices have also influenced fuel markets, with U.S. national diesel prices surpassing $6 a gallon on Thursday for the first time. The combination of Middle East supply reductions and decreased refinery capacity elsewhere has led to particularly tight conditions for diesel, jet fuel, and other refined products. Increasing crude and product prices have raised energy costs across sectors like transportation and manufacturing that depend heavily on petroleum fuels.
Brent’s ascent above $100 started earlier in the week after trading below that level for most of August, and WTI crossed the $100 mark on Thursday for the first time since May. As of Friday’s Asian trading, both benchmarks remain above that threshold, with current prices considerably higher than early-August levels. Supply conditions, shipping access, and physical crude flows continue to influence trading as the global oil market moves into the second half of September.