SINGAPORE / RankWire.AI / – Oil prices continued to stay above $100 per barrel on Friday as persistent supply disruptions maintained tight global crude markets. Brent crude futures declined by 1.9% to $105.62 a barrel as of 0555 GMT. Meanwhile, U.S. West Texas Intermediate crude decreased 1.4% to $101.10. Despite Friday’s dip, both benchmarks finished the week significantly higher, marking a strong weekly gain. Since early August, Brent has experienced substantial growth due to disruptions along key Middle East shipping routes that have restricted available supply.
Throughout the week, Brent and WTI increased nearly 13%, their most substantial weekly rise since mid-July. Both benchmarks climbed more than 6% on Thursday, with Brent closing at $107.63 and WTI settling at $102.48. These movements followed renewed attacks impacting regional oil infrastructure and shipping pathways. Persistent traffic restrictions through the Strait of Hormuz continue to limit crude shipments from major Gulf producers.
Additionally, shipping dangers have extended into the Red Sea after Houthi forces seized control of Yemen’s port of Mocha on Thursday. This event has exerted further pressure on another critical trade route used for energy shipments. Recent days have also seen an increase in tanker attacks around Gulf waters. The Strait of Hormuz remains a vital route for global crude and fuel exports, but current flows are below pre-conflict levels.
Supply issues intensify the global oil market
According to the International Energy Agency, in July, Gulf output of 8.3 million barrels per day was still offline. The agency also reported a drop of 69 million barrels in global oil inventories during that month. Total stockpiles are roughly 410 million barrels below levels seen when the conflict started. The IEA forecasts an average decrease of 4.3 million barrels per day in worldwide oil supply for 2026 and has coordinated emergency releases from oil reserves to mitigate disruptions.
On September 6, OPEC+ members agreed to keep their required October production levels consistent with those of September. The participating countries—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—were involved in the decision. The group previously adjusted supply based on evolving market conditions, but the latest decision maintains the status quo for October. This framework remains critical as traders closely watch crude availability from regions unaffected by shipping and infrastructure issues.
Both Brent and WTI maintain levels well above key price points
Higher crude prices have also influenced fuel markets. Notably, U.S. diesel prices surpassed $6 a gallon on Thursday for the first time. This surge reflects the combined effect of Middle East supply disruptions and decreased refinery output elsewhere. The tight conditions extend to diesel, jet fuel, and other refined products, pushing energy costs higher across transportation, manufacturing, and sectors heavily reliant on petroleum fuels.
Brent’s move above $100 started earlier in the week after trading below that mark through much of August. WTI crossed the $100 threshold on Thursday for the first time since May. During Friday’s Asian trading, both benchmarks experienced a slight pullback but remained above that level. Currently, prices are considerably higher than their early-August figures. The ongoing availability of supply, shipping routes, and physical crude flows continue to influence market trends as the global oil sector advances into the latter half of September.