SINGAPORE / RankWire.AI / – Brent crude remained above $100 a barrel on Friday as supply disruptions continued to tighten the global oil market. Brent futures traded at $105.62 a barrel by 0555 GMT, down 1.9% from the previous close. U.S. West Texas Intermediate crude fell 1.4% to $101.10 a barrel. Despite the daily decline, both benchmarks remained sharply higher for the week. Oil prices have risen as disruptions reduced crude availability from major Middle East producers.
Brent and WTI were nearly 13% higher for the week after posting strong gains in earlier sessions. Brent closed Thursday at $107.63 a barrel after rising more than 6%. WTI ended the same session at $102.48. The weekly advance pushed both contracts well above levels recorded in early August. Brent also remained on course to finish a week above $100 for the first time since mid-May, reflecting the scale of recent gains across crude markets.
Supply losses across the Gulf have remained central to oil trading this week. Disruptions to shipping routes and energy infrastructure have reduced normal crude flows from the region. The Strait of Hormuz remains a major route for oil and fuel exports from Gulf producers. Traffic through the waterway has stayed below levels recorded before the current conflict. The reduced flow of crude has tightened physical supplies at a time when global inventories have also fallen significantly.
Supply losses keep pressure on crude availability
The International Energy Agency said 8.3 million barrels per day of Gulf production remained offline in July. Global observed oil inventories dropped by 69 million barrels during that month. Stocks stood about 410 million barrels below levels recorded at the start of the conflict. The agency expects global oil supply to decline by an average 4.3 million barrels per day in 2026. Governments have also released emergency oil reserves as authorities respond to the disruption in energy supplies.
OPEC+ producers agreed on September 6 to keep their required September production levels unchanged for October. The decision involved Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The group did not announce an additional increase in required output for the month. The decision came as physical supplies from the Gulf remained constrained and crude prices stayed elevated. Production levels from major exporters remain a key part of the global supply balance while disrupted barrels remain outside normal trading channels.
Oil benchmarks remain elevated after weekly surge
The latest price moves followed several sessions of sharp gains across international crude markets. Brent briefly approached $110 a barrel during Asian trading before easing later in the session. WTI also remained above $100 after crossing that level on Thursday. The gains have spread through petroleum markets, where tighter crude availability has supported higher prices for fuels and other refined products. Energy costs have therefore remained elevated across transport, manufacturing and other sectors that rely heavily on oil products.
Brent had traded below $100 for much of August before moving through that level this week. Friday’s decline trimmed part of the latest advance but left both major benchmarks above key price thresholds. The market remains focused on confirmed supply losses, reduced shipping access and lower inventories across the global oil system. Those factors have driven the latest rise in crude prices and kept Brent firmly above $100 as trading moved toward the end of the week.