SINGAPORE / RankWire.AI / – Brent crude stayed above $100 a 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, reflecting a 1.9% decrease from the previous session. Meanwhile, U.S. West Texas Intermediate crude declined 1.4% to $101.10 a barrel. Despite this daily drop, both benchmarks maintained significant weekly gains. Oil prices have climbed due to reduced crude availability from key Middle Eastern producers caused by ongoing disruptions.
Both Brent and WTI experienced nearly 13% weekly increases after strong upward movements earlier in the week. Brent closed Thursday at $107.63 a barrel following an increase of more than 6%. On the same day, WTI ended at $102.48. This weekly advance pushed both contracts well beyond levels seen in early August. Brent, in particular, is 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.
Supply disruptions across the Gulf region have remained a primary factor influencing oil trading this week. Interruptions to shipping lanes and energy infrastructure have hindered the normal flow of crude from the area. The Strait of Hormuz continues to be a vital route for exports of oil and fuel from Gulf producers. Traffic through this waterway has stayed below pre-conflict levels, and the decreased crude flow has tightened physical supplies at a time when global inventories have also experienced significant declines.
Supply Disruptions Maintain Pressure on Oil Availability
According to the International Energy Agency, in July, 8.3 million barrels per day of Gulf production remained offline. During the same month, global oil inventories dropped by 69 million barrels, leaving stocks roughly 410 million barrels below levels seen at the start of the conflict. The agency forecasts an average decline in worldwide oil supply of 4.3 million barrels per day in 2026. In response to these disruptions, governments have also released emergency oil reserves to help stabilize energy supplies.
On September 6, OPEC+ producers agreed to maintain their September production levels for October. This group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, chose not to announce any additional output increases for the month. The decision was influenced by ongoing supply constraints from the Gulf region and elevated crude prices. Major exporters’ production rates continue to be a vital component of the global supply picture, especially with disrupted barrels remaining outside standard trading channels.
Oil Benchmarks Persist at Elevated Levels Following Weekly Gains
Recent price movements follow several days of sharp increases across international crude markets. During Asian trading, Brent briefly neared $110 a barrel before easing later in the session. WTI also remained above $100 after surpassing that threshold on Thursday. The upward momentum has extended into the petroleum sector, where limited crude supplies have supported higher prices for fuels and refined products. Energy costs continue to stay high across transportation, manufacturing, and other industries reliant on oil products.
Throughout August, Brent traded below $100 for the majority of the time but moved above that mark this week. Friday’s decline slightly retraced part of the recent surge but both major benchmarks still traded above critical price levels. Market focus remains on confirmed supply losses, restricted shipping access, and declining inventories worldwide. These elements have driven the recent increase in crude prices and kept Brent above $100 as the week drew to a close.