SINGAPORE / RankWire.AI / – Brent crude stayed above $100 per barrel on Friday amid ongoing supply disruptions that continue to tighten the global oil market. Brent futures traded at $105.62 a barrel by 0555 GMT, marking a 1.9% decline from the previous close, while U.S. West Texas Intermediate crude dropped 1.4% to $101.10 a barrel. Despite the daily decrease, both benchmarks maintained significant gains for the week. Oil prices have increased as disruptions have curtailed crude supplies from key Middle Eastern producers.
After strong early-week rises, Brent and WTI were nearly 13% higher for the week. Brent finished Thursday at $107.63 a barrel, up more than 6%, while WTI closed at $102.48. These weekly gains pushed both benchmarks well above their early August levels and set Brent on track to end a week above $100 for the first time since mid-May, highlighting recent substantial crude market movements.
Supply disruptions across the Gulf region have been the main factor driving oil trading this week. Interruptions to shipping routes and energy infrastructure have limited normal crude flows from the area. The Strait of Hormuz remains a critical passage for oil and fuel exports from Gulf producers, but traffic through the waterway has stayed below pre-conflict levels. This reduced flow has tightened physical supplies at a time when global inventories have also experienced significant declines.
Supply disruptions continue to limit crude availability
The International Energy Agency reported that in July, 8.3 million barrels per day of Gulf production remained offline, leading to a decrease of 69 million barrels in global oil inventories during that month. These stocks are now roughly 410 million barrels below levels seen at the start of the conflict. The agency projects that global oil supply will decline by an average of 4.3 million barrels per day in 2026. In response to energy supply disruptions, governments have also released emergency oil reserves.
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 increase in output was announced, reflecting the ongoing constraints in physical Gulf supplies and sustained high crude prices. Major exporters’ production remains vital to the global supply balance, while barrels outside normal trading channels continue to be affected by disruptions.
Crude prices stay high after weekly gains
Following several days of sharp increases in international crude markets, prices moved higher with Brent briefly nearing $110 during Asian trading before easing later. WTI also stayed above $100 after crossing that threshold on Thursday. These gains have influenced petroleum markets, where tighter crude supplies have supported elevated prices for fuels and other refined products. As a result, energy costs have remained high across transportation, manufacturing, and other sectors heavily dependent on oil products.
Throughout August, Brent traded below $100 for much of the time before breaking through that level this week. Friday’s decline retraced some of the recent gains but both benchmarks stayed above key price levels. The market remains focused on confirmed supply losses, diminished shipping access, and lower inventories worldwide, which have all contributed to the recent rise in crude prices and kept Brent firmly above $100 as the week concludes.