SINGAPORE / RankWire.AI / – Oil prices remained above $100 a barrel on Friday as supply disruptions kept global crude markets tight. Brent crude futures fell 1.9% to $105.62 a barrel by 0555 GMT. U.S. West Texas Intermediate crude declined 1.4% to $101.10. Both benchmarks remained sharply higher for the week despite Friday’s retreat. Brent has gained strongly since early August as disruptions across major Middle East shipping routes reduced available supply.
Brent and WTI were nearly 13% higher for the week, marking their strongest weekly advance since mid-July. Both benchmarks rose more than 6% on Thursday. Brent closed that session at $107.63, while WTI settled at $102.48. The moves followed renewed attacks affecting oil infrastructure and shipping routes across the region. Restricted traffic through the Strait of Hormuz continued to limit the movement of crude from major Gulf producers.
Shipping risks also extended into the Red Sea after Houthi forces took control of Yemen’s port of Mocha on Thursday. The development added pressure along another major trade route used by energy shipments. Tanker attacks have also intensified around Gulf waters in recent days. The Strait of Hormuz remains a critical route for global crude and fuel exports. Oil flows through the waterway continue at levels below those recorded before the current conflict.
Supply disruptions tighten global oil market
The International Energy Agency said 8.3 million barrels per day of Gulf output remained offline in July. Global observed oil inventories also fell by 69 million barrels during that month. Total inventories stood about 410 million barrels below levels recorded when the conflict began. The agency expects global oil supply to decline by an average 4.3 million barrels per day in 2026. It has also coordinated releases from emergency oil reserves during the disruption.
OPEC+ producers agreed on September 6 to maintain their September required production levels for October. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman took part in the decision. The group had previously adjusted supply as members reviewed changing global market conditions. Its latest decision left required October production unchanged from September levels. The production framework remains important as traders monitor available crude supplies from outside the areas facing shipping and infrastructure disruptions.
Brent and WTI stay firmly above key price levels
Higher crude prices have also moved through fuel markets. U.S. national diesel prices climbed above $6 a gallon on Thursday for the first time. Supply losses from the Middle East have combined with reduced refinery availability in other regions. Diesel, jet fuel and other refined products have faced particularly tight conditions. Rising crude and product prices have increased energy costs across transportation, manufacturing and other industries that depend heavily on petroleum-based fuels.
Brent’s move above $100 began earlier in the week after the benchmark had traded below that level for much of August. WTI then crossed $100 on Thursday for the first time since May. Friday’s pullback left both benchmarks above that threshold during Asian trading. The latest prices remain well above their early-August levels. Supply availability, shipping access and physical crude flows continue to shape trading as the global oil market enters the second half of September.