3 hrs ago
Brent Crude Rises Above $110 Amid Supply Disruption Concerns
Oil prices rose sharply because traders are worried that fighting could interrupt supplies.
Brent crude briefly reached $110 per barrel.
Another oil measure, WTI, traded around $102.50.
Concerns grew after Houthi forces took control of Yemen’s Mocha port.
Shipping through the Red Sea and Strait of Hormuz also faced risks from attacks.
Damage to Russian refineries added to worries about fuel availability.
China’s oil purchases could push prices higher if they continue increasing.
OPEC lowered its forecast for future oil-demand growth, while US oil inventories also declined.
Brent crude briefly reached $110 per barrel before trading near $107.70, while WTI stood around $102.50.
Both benchmarks gained more than 6% Thursday and nearly 13% over the week.
Concerns about Middle Eastern shipping disruptions intensified after Houthi forces took control of Yemen’s Mocha port.
Attacks on shipping in the Strait of Hormuz and Russian refineries further tightened fuel-supply concerns.
OPEC cut its 2026 oil-demand growth forecast, while US crude inventories fell to 424.1 million barrels.
- Who
- Oil traders, OPEC, China, Houthi forces, and parties involved in Middle Eastern shipping were central to the developments.
- What
- Brent and WTI crude prices rose sharply amid concerns about supply disruptions and declining inventories.
- Where
- Global oil markets, with supply concerns centered on Yemen’s Mocha port, the Red Sea, the Strait of Hormuz, and Russian refineries.
- When
- On Friday, following gains of more than 6% on Thursday and nearly 13% during the week.
- Why
- Rising Middle East tensions, attacks on shipping and refineries, uncertain oil transportation, and falling inventories increased fears of tighter supply.
Key facts
- Brent price
- Briefly reached $110 per barrel and later traded near $107.70.
- WTI price
- Traded around $102.50 per barrel.
- Weekly performance
- Brent and WTI were headed toward weekly gains of nearly 13%.
- US crude inventories
- Fell by 391,000 barrels to 424.1 million barrels last week.
- OPEC 2026 demand forecast
- Global oil-demand growth was reduced to 380,000 barrels per day.
- OPEC production
- Crude production declined by nearly 640,000 barrels per day in August.
- Fuel-price impact
- US diesel prices crossed $6 per gallon.
Sources
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