SINGAPORE / RankWire.AI / – Oil prices stayed above $100 a barrel on Friday as disruptions in supply kept the global crude market tight. Brent crude futures decreased by 1.9%, settling at $105.62 per barrel by 0555 GMT. Meanwhile, U.S. West Texas Intermediate crude dropped 1.4% to $101.10. Despite Friday’s decline, both benchmarks maintained significant gains for the week. Since early August, Brent has experienced notable growth as disturbances along key Middle East shipping routes diminished the available supply.
This week, both Brent and WTI surged nearly 13%, marking their most robust weekly rise since mid-July. Both benchmarks increased more than 6% on Thursday, with Brent closing at $107.63 and WTI ending at $102.48. These movements followed renewed attacks impacting regional oil infrastructure and shipping routes. Limited traffic through the Strait of Hormuz continues to hinder the movement of crude from major Gulf producers.
The shipping risks have also impacted the Red Sea after Houthi forces seized control of Yemen’s port of Mocha on Thursday. This development added pressure to another crucial trade route used for energy shipments. Additionally, attacks on tankers in the Gulf waters have intensified recently. The Strait of Hormuz remains a vital corridor for international crude and fuel exports, but oil flows through this waterway are still below pre-conflict levels.
Global Oil Market Faces Supply Disruptions
The International Energy Agency reported that in July, 8.3 million barrels per day of Gulf output remained offline. During the same month, global oil inventories decreased by 69 million barrels, bringing total stocks approximately 410 million barrels below pre-conflict levels. The agency projects a global oil supply decline of about 4.3 million barrels daily on average in 2026, and it has coordinated releases from emergency reserves amid ongoing disruptions.
On September 6, OPEC+ members agreed to keep their September production targets unchanged for October. Participants included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. This decision followed prior supply adjustments as the group reviewed evolving global market conditions. Maintaining the current production levels emphasizes the importance of available crude outside of the shipping and infrastructure-affected regions as traders monitor overall supplies.
Crude Prices Remain Elevated, Supporting Fuel Markets
The rise in crude prices has also driven increases in fuel costs. U.S. national diesel prices surpassed $6 a gallon on Thursday for the first time. The combined effects of Middle East supply shortages and decreased refinery capacity elsewhere have created tight conditions for diesel, jet fuel, and other refined products. As energy prices climb, transportation, manufacturing, and industries heavily reliant on petroleum-based fuels face higher costs.
Brent’s rise above $100 began earlier in the week after trading below that mark for much of August. WTI also crossed the $100 threshold on Thursday for the first time since May. Friday’s slight retreat kept both benchmarks above $100 during Asian trading, and current prices remain well above August’s early levels. Market dynamics such as physical crude flows, shipping access, and supply availability continue to influence trading as the global oil market progresses into the latter half of September.