Oil Ends Week Above $100 as Gulf Supply Risks Persist

Brent and West Texas Intermediate finished the week above $100 per barrel as escalating attacks on Middle East shipping routes intensified concerns over prolonged oil supply disruptions.

By Carolina Curiel
Published September 11, 2026

Oil Finishes Week Above $100

MONTREAL (Oil Monster): Oil prices ended the week above $100 per barrel as escalating attacks along key Middle East shipping routes reinforced concerns about prolonged supply disruptions.

Brent crude settled Friday at $104.61 per barrel, while U.S. West Texas Intermediate settled at $100.05.

Both benchmarks remained more than 8% higher for the week and closed above $100 for the first time in nearly four months.

Prices Had Climbed Even Higher Earlier Friday

Earlier in the session, Brent crude futures rose $1.05, or 1%, to $108.68 per barrel by 0045 GMT. West Texas Intermediate climbed 95 cents, also about 1%, to $103.45 per barrel.

At that point, both benchmarks were trading nearly 13% higher for the week after gaining more than 6% on Thursday.

Hormuz and Red Sea Risks Intensify

Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, creating an additional threat to Red Sea shipping.

Traffic through the Strait of Hormuz also remained restricted as tanker attacks in the region intensified.

Attacks from Yemen on Saudi energy infrastructure marked a further escalation beyond Iran and the Strait of Hormuz, raising concerns that supply disruptions could spread across a wider part of the region.

Trump Warns Conflict Could Continue

U.S. President Donald Trump warned that the United States could strike Iran's Pickaxe Mountain near the heavily damaged Natanz uranium enrichment facility and said the war could continue until after the November midterm elections.

IG analyst Tony Sycamore said the widening conflict increased the likelihood that WTI could retest its $119.48 high from early March.

Tanker Attacks Add to Supply Concerns

Iran said it attacked 10 ships near the Strait of Hormuz on Wednesday after the United States struck five Iranian oil tankers.

Iran's Islamic Revolutionary Guard Corps said it would escalate its response to further attacks.

U.S. Diesel Price Tops $6 Per Gallon

The U.S. national average diesel price surpassed $6 per gallon for the first time on Thursday, according to GasBuddy.

The increase came as the U.S.-Iran conflict and Ukrainian attacks on Russian refineries tightened fuel supplies.

China Could Determine How Far the Rally Runs

Analysts said the durability of the oil rally will depend partly on demand from China, the world's largest crude importer.

Continued Chinese buying could magnify the effect of supply disruptions and add further upward pressure to prices.

OPEC Cuts 2026 Demand Growth Forecast

OPEC lowered its forecast for global oil-demand growth in 2026 to 380,000 barrels per day, marking its fifth consecutive downward revision.

A Reuters survey also found that OPEC oil output fell by 640,000 barrels per day in August.

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Oil Pushes Past $100 as U.S.-Iran Attacks Expose Dwindling Safety Net

Courtesy: www.reuters.com