SINGAPORE / RankWire.AI / – Brent crude stayed above $100 per barrel on Friday as ongoing supply disruptions continued to tighten the global oil market. Brent futures traded at $105.62 a barrel by 0555 GMT, representing a 1.9% decline from the previous close. U.S. West Texas Intermediate crude dropped 1.4% to $101.10 a barrel. Despite this daily decrease, both benchmarks maintained significant weekly gains. Oil prices have increased as disruptions have limited crude availability from key Middle East producers.
After early-week strong gains, Brent and WTI were nearly 13% higher for the week. Brent concluded Thursday at $107.63 a barrel after rising over 6%, while WTI closed the same day at $102.48. This weekly rise pushed both benchmarks well above their early August levels. Brent also appears set to finish the week above $100 for the first time since mid-May, highlighting the extent of recent upward movement in crude markets.
Persistent supply disruptions in the Gulf region have been a key driver of oil trading activity this week. Shipping routes and energy infrastructure have faced interruptions, limiting normal crude flows from the area. The Strait of Hormuz remains a critical passage for oil and fuel exports from Gulf producers. Traffic through this waterway has continued to be below pre-conflict levels, and the reduced flow of crude has tightened physical supplies at a time when global inventories have also experienced notable declines.
Supply Disruptions Continue to Pressure Crude Oil Availability
The International Energy Agency reported that 8.3 million barrels per day of Gulf production remained offline in July. During that month, global oil inventories decreased by 69 million barrels. As a result, stocks were approximately 410 million barrels below levels seen at the conflict’s start. The agency projects that global oil supply could decline by an average of 4.3 million barrels per day in 2026. Additionally, governments have been releasing emergency oil reserves to respond to the ongoing energy supply disruptions.
On September 6, OPEC+ members agreed to maintain their current September production levels for October. The group, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, did not announce any additional increases. This decision came amid ongoing constraints on 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 be excluded from normal trading channels.
Crude Prices Remain Elevated Following Weekly Gains
The recent upward price movement followed several sessions of notable 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 fuel and refined product markets, where tighter crude supplies support higher prices. Consequently, energy costs across transportation, manufacturing, and other sectors heavily dependent on oil have remained high.
Throughout August, Brent traded below $100 for much of the period before surpassing that level this week. Friday’s decline offset part of the latest surge, but both key benchmarks stayed above crucial price points. The market continues to focus on confirmed supply shortages, decreased shipping access, and lower inventories across the global oil system. These factors have driven crude prices higher, keeping Brent firmly above $100 as the week drew to a close.