SINGAPORE / RankWire.AI / – Brent crude stayed above the $100 mark per barrel on Friday as ongoing supply interruptions continue to tighten the global oil market. By 0555 GMT, Brent futures traded at $105.62 a barrel, reflecting a 1.9% decrease from the previous closing. Meanwhile, U.S. West Texas Intermediate crude declined by 1.4% to $101.10 a barrel. Despite these daily drops, both benchmarks ended the week notably higher. Oil prices have gained momentum as disruptions have curtailed crude supply from key Middle Eastern producers.
Both Brent and WTI recorded weekly gains of nearly 13% after strong upward movements in earlier trading sessions. On Thursday, Brent settled at $107.63 a barrel following an increase of over 6%. The same day, WTI closed at $102.48. This weekly rise pushed both benchmarks well beyond levels seen in early August. Brent is also on track to finish the week above $100 for the first time since mid-May, highlighting the recent robust gains across crude markets.
Persistent supply disruptions in the Gulf region have been a central factor in oil trading activity this week. Shipping routes and energy infrastructure disruptions have hampered typical crude flows from the area. The Strait of Hormuz remains a critical pathway for oil and fuel exports from Gulf nations. Traffic through this waterway has stayed below pre-conflict levels, leading to a tightening of physical supplies at a moment when global inventories are also significantly reduced.
Continued Supply Shortages Drive Crude Availability Concerns
International Energy Agency reported that 8.3 million barrels per day of Gulf production remained offline in July. Global oil inventories declined by 69 million barrels during that period, bringing stocks approximately 410 million barrels below levels at the conflict’s onset. The agency forecasts a global oil supply reduction of an average 4.3 million barrels per day in 2026. In response to energy supply disruptions, governments have also utilized emergency oil reserves.
On September 6, OPEC+ members agreed to maintain their September production levels for October. The group comprised Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. No additional increases in output were announced for the upcoming month. This decision was made amid ongoing physical supply constraints from the Gulf and elevated crude prices. The export levels from major producers continue to be vital for the global supply balance, with disrupted barrels remaining outside normal trading channels.
Market Remains Elevated After a Week of Gains
The recent price increases followed several sessions of notable gains across international crude markets. During Asian trading, Brent briefly neared $110 a barrel before prices eased later. WTI stayed above $100 after crossing that threshold on Thursday. These price movements have influenced petroleum markets, where tighter crude supplies have supported higher prices for fuels and refined products. As a result, energy costs across transportation, manufacturing, and other oil-dependent sectors remain high.
Throughout August, Brent traded below $100 for most of the month, only crossing above that level this week. Friday’s decline partially retraced some of the recent gains but still left both major benchmarks above critical price points. The market continues to focus on confirmed supply losses, diminished shipping activity, and lower global inventories, all of which have driven crude prices higher and kept Brent above $100 as the week concluded.