SINGAPORE / RankWire.AI / – Brent crude stayed above $100 a barrel on Friday amid ongoing supply disruptions that tighten the global oil market. As of 0555 GMT, Brent futures were trading at $105.62 a barrel, down 1.9% from the previous close. Meanwhile, U.S. West Texas Intermediate crude declined 1.4% to $101.10 a barrel. Despite these daily drops, both benchmarks maintained significant weekly gains. Oil prices have surged due to reduced crude availability from major Middle Eastern producers caused by disruptions.
Both Brent and WTI increased nearly 13% over the week, after strong early gains. Brent settled Thursday at $107.63 a barrel, rising more than 6%. WTI closed that session at $102.48. The weekly rise pushed both contracts well above early August levels. Brent is on track to finish a week above $100 for the first time since mid-May, highlighting recent gains across crude markets.
Disruptions in the Gulf region have remained a key factor in this week’s trading. Shipping routes and energy infrastructure issues have cut back normal crude flows from the area. The Strait of Hormuz continues to be a major route for Gulf exports of oil and fuel. Traffic through this waterway is below pre-conflict levels. The decline in flows has tightened physical supplies at a time when global inventories are also significantly lower.
Supply disruptions limit crude availability, driving prices higher
International Energy Agency reported that 8.3 million barrels per day of Gulf production were offline in July. Global oil inventories fell by 69 million barrels during that month. Stocks are now about 410 million barrels below levels at the conflict’s start. The agency forecasts a global oil supply decline of 4.3 million barrels per day on average in 2026. Governments have also released emergency reserves to address energy supply disruptions.
On September 6, OPEC+ producers agreed to maintain their September production levels for October. The group includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. They did not plan any additional output increases for the month. This decision reflects ongoing constraints in physical Gulf supplies and elevated crude prices. Major exporters’ production remains crucial for the global market, while barrels outside normal trading channels continue to be disrupted.
Crude prices stay high after weekly gains
Recent price movements followed several sessions of sharp increases in crude markets worldwide. During Asian trading, Brent briefly neared $110 a barrel before easing. WTI also stayed above $100 after crossing that threshold on Thursday. The price gains have spread to fuels and refined products, supported by tighter crude supplies. Energy costs stay high across transportation, manufacturing, and other oil-dependent industries.
Throughout August, Brent traded below $100 for most of the month before breaking that level this week. Friday’s decline trimmed part of the recent rally but left both benchmarks above key thresholds. The market remains focused on confirmed supply losses, limited shipping access, and lower inventories globally. These factors have driven recent price rises and kept Brent above $100 as the week draws to a close.