SINGAPORE / RankWire.AI / – Brent crude maintained levels above $100 a barrel on Friday amid ongoing supply interruptions that 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 price. Meanwhile, U.S. West Texas Intermediate crude declined 1.4%, settling at $101.10 a barrel. Despite these daily drops, both benchmarks still posted significant weekly gains. Oil prices have experienced an upward trend as disruptions have curtailed crude supplies from key Middle Eastern producers.
The week saw Brent and WTI nearly 13% higher, bolstered by strong gains in earlier sessions. On Thursday, Brent closed at $107.63 a barrel after rising over 6%, while WTI ended at $102.48. This weekly increase has pushed both benchmarks well above the levels seen in early August. Brent is also on track to close the week above $100 for the first time since mid-May, highlighting the extent of recent crude market gains.
Supply disruptions across the Gulf region have remained the primary factor influencing oil trading this week. Interruptions to shipping lanes and energy infrastructure have restricted normal crude flows from the area. The Strait of Hormuz continues to serve as a vital route for Gulf oil and fuel exports, yet traffic through this waterway has stayed below pre-conflict levels. Consequently, reduced crude flow has tightened physical supplies, coinciding with a notable decline in global inventories.
Supply disruptions exert ongoing pressure on crude availability
International Energy Agency reported that in July, 8.3 million barrels per day of Gulf production remained offline. During the same month, global oil inventories decreased by 69 million barrels, leaving stocks approximately 410 million barrels below levels at the onset of the conflict. The agency projects a decline in worldwide oil supply by an average of 4.3 million barrels daily in 2026. To address the supply shortfall, governments have begun releasing emergency oil reserves as part of their response to energy disruptions.
On September 6, OPEC+ members agreed to maintain their current September production quotas for October. This group includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. No additional increases in output were announced, despite ongoing supply constraints from the Gulf and sustained high crude prices. Major exporters’ production levels remain vital to the global supply balance, with some barrels still outside regular trading channels due to ongoing disruptions.
Crude prices stay high following weekly gains
Brent crude prices moved sharply upward in recent sessions, with prices briefly nearing $110 a barrel during Asian trading before easing later. WTI also stayed above $100 after crossing that threshold on Thursday. These gains have permeated through 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 sectors heavily dependent on oil have remained elevated.
After trading below $100 for much of August, Brent moved through this level earlier this week. The decline on Friday partially retraced recent gains but left both main benchmarks above key price levels. Market focus continues to be on confirmed supply shortages, restricted shipping routes, and declining inventories worldwide. These factors have driven recent price increases, keeping Brent above $100 as the week draws to a close.