SINGAPORE / RankWire.AI / – Brent crude sustained levels above $100 a barrel on Friday amid ongoing supply interruptions that are tightening the global oil market. Brent futures were trading at $105.62 a barrel by 0555 GMT, representing a 1.9% decline from the previous session’s close. Meanwhile, U.S. West Texas Intermediate crude declined 1.4% to $101.10 per barrel. Despite these daily drops, both benchmarks ended the week significantly higher. Oil prices have climbed as disruptions have diminished crude supplies from key Middle Eastern producers.
After earlier strong gains, Brent and WTI were nearly 13% higher for the week. Thursday saw Brent close at $107.63 a barrel, up more than 6%, while WTI finished at $102.48. These weekly increases pushed both contracts well above 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 gains across the crude oil markets.
This week, supply outages across the Gulf region have remained a central focus for oil trading. Shipping routes and energy infrastructure disruptions have curtailed normal crude flows from the area. The Strait of Hormuz continues to be a critical passage for oil and fuel exports from Gulf producers, yet traffic through this waterway has stayed below pre-conflict levels. As a result, the decline in crude flows has tightened physical supplies, coinciding with a notable drop in global inventories.
Supply disruptions sustain upward pressure on crude availability
According to the International Energy Agency, Gulf production remained offline at 8.3 million barrels per day in July. Global oil inventories fell by 69 million barrels during that month, leaving stocks approximately 410 million barrels below levels from at the start of the conflict. The agency projects a global oil supply decrease of an average 4.3 million barrels per day in 2026. Authorities have also released emergency oil reserves to address the ongoing disruptions in energy supplies.
On September 6, OPEC+ producers agreed to maintain their September production targets for October. This group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, decided not to increase output for the upcoming month. The decision was made as physical supplies from the Gulf remained constrained, and crude prices stayed high. Production levels from major exporters continue to be a vital factor in the global supply balance, with disrupted barrels remaining outside normal trading channels.
Continued weekly gains keep oil benchmarks elevated
Recent price movements follow several sessions of robust gains across international crude markets. During Asian trading, Brent briefly approached $110 a barrel before easing later, while WTI stayed above $100 after crossing that threshold on Thursday. These increases have influenced related petroleum markets, where reduced crude availability has supported higher prices for fuels and refined products. As a result, energy costs across transportation, manufacturing, and other sectors reliant on oil products have remained high.
Throughout August, Brent traded below $100 for much of the time before moving above this level this week. Although Friday’s decline trimmed part of the recent advance, both major benchmarks still remain above key price levels. The market continues to focus on confirmed supply losses, diminished shipping access, and lower inventories worldwide, which have driven the latest rise in crude prices and kept Brent above $100 as the week draws to a close.