SINGAPORE / RankWire.AI / – Brent crude stayed above $100 a barrel on Friday amid ongoing supply disruptions that continue to tighten the global oil market. As of 0555 GMT, Brent futures traded at $105.62 a barrel, reflecting a 1.9% decrease from the previous close. Meanwhile, U.S. West Texas Intermediate crude declined 1.4% to $101.10 a barrel. Despite this daily dip, both benchmarks maintained significant gains for the week. Oil prices have surged due to disruptions that have curtailed crude supplies from key Middle Eastern producers.
Both Brent and WTI experienced nearly 13% weekly increases after posting strong gains earlier in the week. On Thursday, Brent settled at $107.63 a barrel, up more than 6%, while WTI finished at $102.48. These weekly advances have pushed both contracts well above early August levels. Brent is also on track to close the week above $100 for the first time since mid-May, highlighting the extent of recent upward movement across crude markets.
Supply outages across the Gulf region have remained central to oil trading momentum this week. Disruptions to shipping lanes and energy infrastructure have decreased normal crude flows from the area. The Strait of Hormuz continues to serve as a vital route for oil and fuel exports from Gulf producers. Traffic through this waterway has stayed below pre-conflict levels, leading to tighter physical supplies just as global inventories have also declined sharply.
Supply disruptions maintain pressure on crude availability
According to the International Energy Agency, 8.3 million barrels per day of Gulf production remained offline in July. Global oil inventories fell by 69 million barrels during that month, leaving stocks roughly 410 million barrels below levels recorded at the start of the conflict. The agency forecasts a global oil supply decline of an average 4.3 million barrels per day in 2026. Governments have also tapped into emergency oil reserves in response to ongoing energy supply disruptions.
On September 6, OPEC+ members agreed to maintain their September production levels for October. The decision involved Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. No additional output increase for the month was announced. This decision was made amid persistent supply constraints from the Gulf and sustained high crude prices. Major exporters’ production levels continue to be a critical component of the global supply balance, while barrels outside normal trading channels remain disrupted.
Crude benchmarks stay high after a week of strong gains
The recent price movements follow multiple sessions of notable increases in international crude markets. During Asian trading, Brent briefly neared $110 a barrel before easing later. WTI remained above $100 after surpassing that level on Thursday. These gains have rippled through petroleum markets, where tighter crude supplies have supported higher fuel and refined product prices. Consequently, energy costs have remained elevated across transportation, manufacturing, and other sectors heavily dependent on oil.
Throughout August, Brent traded below $100 for most of the month, but it crossed above that threshold earlier this week. Although Friday’s decline pared some of the recent gains, both benchmarks stayed above key price levels. The market continues to focus on confirmed supply losses, reduced shipping access, and declining inventories worldwide. These factors have driven crude prices higher and kept Brent above $100 as the week drew to a close.