SINGAPORE / RankWire.AI / – Brent crude stayed above $100 a barrel on Friday as ongoing supply interruptions tighten the worldwide oil market. Brent futures were at $105.62 a barrel by 0555 GMT, showing a 1.9% decrease from the previous close. U.S. West Texas Intermediate crude dropped 1.4% to $101.10 per barrel. Despite the intraday decline, both benchmarks closed the week significantly higher. Oil prices have climbed as disruptions have limited crude supply from key Middle Eastern producers.
Over the week, Brent and WTI surged nearly 13% after strong gains earlier in the session. Brent finished Thursday at $107.63 a barrel, up more than 6%, while WTI settled at $102.48. This weekly increase pushed both benchmarks well above early August levels. Brent is on track to end a week above $100 for the first time since mid-May, highlighting the significant recent gains across crude markets.
Supply disruptions in the Gulf region have driven oil trading activity this week. Disruptions to shipping routes and energy infrastructure have curtailed normal crude flows from the area. The Strait of Hormuz remains a vital passage for Gulf exports of oil and fuel. Traffic through this route has stayed below pre-conflict levels, reducing physical supplies just as global inventories have also fallen sharply.
Supply interruptions continue to restrict crude availability
The International Energy Agency reported that 8.3 million barrels per day of Gulf production were offline in July. During that month, global oil inventories decreased by 69 million barrels, placing stocks roughly 410 million barrels below pre-conflict levels. The agency forecasts an average global oil supply decline of 4.3 million barrels daily in 2026. Governments have also released emergency reserves to address energy supply disruptions.
On September 6, OPEC+ members agreed to maintain their September production quotas for October, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. No additional output increases were announced, despite persistent supply constraints from the Gulf and sustained high crude prices. Export levels from major producers remain critical to the global market, with some barrels still outside normal trading channels due to disruptions.
Weekly gains keep oil prices elevated
Following several days of sharp increases, oil prices remained high. Brent briefly neared $110 a barrel during Asian trading before pulling back later. WTI also stayed above $100 after crossing that threshold on Thursday. These gains have supported higher prices for refined products and fuels, impacting transportation, manufacturing, and other industries reliant on oil. Energy costs have remained elevated across these sectors.
After trading below $100 for most of August, Brent moved above that level this week. Friday’s decline partially retraced recent gains but left both benchmarks above key price points. Market focus remains on confirmed supply losses, shipping restrictions, and dwindling inventories—factors that have driven the recent upward movement in crude prices and kept Brent above $100 as the week concludes.