SINGAPORE / RankWire.AI / – Brent crude stayed above the $100 mark per barrel on Friday amid ongoing supply disruptions that continue to tighten the global oil market. By 0555 GMT, Brent futures traded at $105.62 per barrel, reflecting a 1.9% decrease from the previous close. Meanwhile, U.S. West Texas Intermediate crude declined by 1.4% to $101.10 per barrel. Despite the intraday drops, both benchmarks posted substantial gains for the week. Oil prices have advanced as disruptions have curbed crude exports from key Middle Eastern producers.
For the week, Brent and WTI surged nearly 13%, following robust increases in earlier trading sessions. On Thursday, Brent closed at $107.63 a barrel after rising more than 6%, while WTI finished at $102.48. This weekly rally pushed both benchmarks well above early August levels. Brent is also on track to close the week above $100 for the first time since mid-May, illustrating the magnitude of recent price hikes across crude markets.
Supply disruptions across the Gulf region have remained a primary factor influencing oil trading this week. Interruptions to shipping routes and energy infrastructure have significantly reduced normal crude flows from the area. The Strait of Hormuz continues to be a crucial pathway for Gulf producers’ oil and fuel exports. Traffic through this vital waterway has remained below pre-conflict levels, constraining physical supplies at a time when global inventories have also seen notable declines.
Supply disruptions exert ongoing pressure on crude availability
The International Energy Agency reported that in July, 8.3 million barrels per day of Gulf oil production was offline. Correspondingly, global oil inventories fell by 69 million barrels during that month. Stocks now sit roughly 410 million barrels below levels recorded at the onset of the conflict. The agency projects an average global oil supply decline of 4.3 million barrels per day in 2026. Governments have also tapped into emergency oil reserves to address the ongoing energy supply disruptions.
On September 6, OPEC+ producers agreed to maintain their September production quotas for October, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. No additional increases in output requirements for the month were announced. This decision came amid persistent constraints on physical Gulf supplies and elevated crude prices. Production levels from key exporters continue to play a vital role in the global supply balance, while disrupted barrels remain outside normal trading channels.
Weekly gains keep oil benchmarks at elevated levels
The recent upward price movement followed several sessions of sharp increases across international crude markets. During Asian trading, Brent briefly approached $110 a barrel before easing later. WTI maintained a position above $100 after crossing that threshold on Thursday. These gains have influenced broader petroleum markets, where tighter crude supplies have supported higher prices for fuels and refined products. As a result, energy costs have stayed high in sectors like transportation and manufacturing that depend heavily on oil.
Throughout August, Brent traded below $100 before breaking that barrier earlier this week. While Friday’s decline offset some of the recent gains, both main benchmarks remain above key price levels. Market focus continues to be on confirmed supply losses, reduced shipping access, and lower inventories worldwide. These factors have driven crude prices higher, maintaining Brent firmly above $100 as the trading week concludes.
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