SINGAPORE / RankWire.AI / – Brent crude stayed above $100 a barrel on Friday as ongoing disruptions to supply continued to tighten the global oil market. Brent futures traded at $105.62 a barrel by 0555 GMT, representing a 1.9% decrease from the previous close. Meanwhile, U.S. West Texas Intermediate crude declined 1.4% to $101.10 a barrel. Despite these daily declines, both benchmarks maintained significant gains for the week. Oil prices have surged as interruptions in supply have curtailed crude availability from major Middle Eastern producers.
After solid gains earlier in the week, Brent and WTI were nearly 13% higher for the period, with Brent concluding Thursday at $107.63 a barrel after climbing over 6%. WTI also finished the same session at $102.48. This weekly rise has pushed both benchmarks well above levels recorded in early August, with Brent on track to close a week above $100 for the first time since mid-May, highlighting the extent of recent upward momentum in crude markets.
Supply disruptions across the Gulf region have remained a key factor influencing oil trading throughout the week. Shipping routes and energy infrastructure have experienced disruptions that have limited normal crude flows from the area, with the Strait of Hormuz serving as a crucial conduit for oil and fuel exports from Gulf producers. Traffic through this vital waterway has continued to stay below pre-conflict levels, resulting in tighter physical supplies at a time when global inventories have also dropped markedly.
Persistent Supply Losses Sustain Pressure on Oil Availability
The International Energy Agency reported that 8.3 million barrels per day of Gulf production remained offline in July, with global oil inventories decreasing by 69 million barrels during that month. Current stocks are roughly 410 million barrels below the levels recorded at the beginning of the conflict. The agency predicts that global oil supply will contract by an average of 4.3 million barrels per day in 2026. Governments have also utilized emergency oil reserves in response to the ongoing disruptions affecting energy supplies.
On September 6, OPEC+ producers decided to keep their required production levels for October unchanged from September, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. This decision came amid continued constraints in physical supplies from the Gulf and sustained high crude prices. Major exporters’ production levels remain vital to the global supply balance, especially as disrupted barrels continue to operate outside standard trading channels.
Crude Oil Prices Stay Elevated Following Weekly Gains
The recent price movements follow several sessions marked by sharp increases across international crude markets. During Asian trading, Brent approached $110 a barrel before retreating later, while WTI also remained above $100 after crossing that threshold on Thursday. These gains have extended into petroleum markets, where restricted crude supply has supported higher fuel and refined product prices. As a result, energy costs across transportation, manufacturing, and other oil-dependent sectors have stayed elevated.
Throughout August, Brent traded below $100 for most of the month before surpassing that level this week. Friday’s decline partially retraced the latest advance but left both benchmarks above critical price points. The market continues to focus on confirmed supply deficits, diminished shipping access, and lower inventories worldwide—all factors that have driven crude prices higher and kept Brent above $100 as the week draws to a close.