SINGAPORE / RankWire.AI / – Brent crude stayed above $100 a barrel on Friday as ongoing supply interruptions continued to tighten the global oil market. Brent futures were at $105.62 a barrel by 0555 GMT, representing a 1.9% decrease from the previous closing price. Meanwhile, U.S. West Texas Intermediate crude declined by 1.4% to $101.10 per barrel. Despite these daily drops, both benchmarks maintained significant gains for the week. Oil prices have climbed as disruptions have limited crude supply from key Middle Eastern producers.
Both Brent and WTI experienced nearly a 13% increase over the course of the week after strong gains in earlier trading sessions. Brent ended Thursday at $107.63 per barrel after rising more than 6%. WTI closed at $102.48 on the same day. This weekly rally pushed both contracts well above their levels from early August. Brent is also on track to close the week above $100 for the first time since mid-May, illustrating the extent of recent upward momentum in the crude markets.
Supply disruptions across the Gulf region have been a dominant factor in oil trading this week. Interruptions to shipping routes and energy infrastructure have significantly reduced normal crude flows from this area. The Strait of Hormuz remains a critical pathway for oil and fuel exports from Gulf producers. Traffic through this waterway has stayed below levels seen before the current conflict. The decrease in crude flow has tightened physical supplies, especially as global inventories have also fallen markedly.
Supply disruptions continue to exert pressure on crude availability
According to the International Energy Agency, 8.3 million barrels per day of Gulf production remained offline in July. Global crude inventories declined by 69 million barrels during that period. Currently, stocks are approximately 410 million barrels below the levels recorded at the start of the conflict. The agency projects a global oil supply reduction of an average of 4.3 million barrels per day in 2026. Governments have also taken steps to release emergency oil reserves in response to the ongoing disruptions in energy supplies.
On September 6, OPEC+ producers decided to maintain their September production quotas for October. The decision involved Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. No additional increase in required output was announced for that month. This decision was made despite physical supplies from the Gulf remaining constrained and crude prices staying high. The production levels of major exporters continue to be vital to the global supply balance, even as some barrels remain outside normal trading channels due to disruptions.
Crude prices stay elevated following a week of strong gains
Recent price movements have been driven by multiple sessions of sharp increases in international crude markets. During Asian trading, Brent briefly approached $110 a barrel before easing later. WTI also stayed above $100 after crossing that threshold on Thursday. This upward trend has spread across petroleum markets, where tighter crude supplies support higher prices for fuels and refined products. Energy costs remain elevated across transportation, manufacturing, and other sectors heavily dependent on oil.
In August, Brent traded below $100 for much of the time before surpassing that level earlier this week. Friday’s decline partially offset the recent gains but both major benchmarks still closed above key price levels. The market remains focused on confirmed supply losses, reduced shipping access, and lower inventories globally. These factors have driven the latest rise in crude prices, maintaining Brent above $100 as the trading week draws to a close.