September 11, 2026 — Oil prices remained above $100 a barrel on Friday as intensifying attacks on shipping routes in the Middle East heightened concerns over the security of global crude supplies.
Brent crude fell $1.64, or 1.5%, to $105.99 a barrel by 0643 GMT, while U.S. West Texas Intermediate crude declined $1.28, or 1.3%, to $101.20. Even with the declines, both benchmarks were more than 10% higher for the week and were on track for their strongest weekly increase since the week ended July 17.
The latest market pressure came after Iran-aligned Houthis seized Yemen’s port of Mocha on Thursday. Tanker attacks have also intensified near the Strait of Hormuz, where shipping activity remains restricted.
Risk has spread beyond Iran and the Strait of Hormuz following attacks on Saudi energy facilities. Analysts at ING said significant amounts of oil were still passing through Hormuz, but volumes remained substantially below pre-war levels, underscoring the vulnerability of global supplies.
The energy disruption is also affecting U.S. consumers. The national average diesel price rose above $6 a gallon on Thursday for the first time, according to price tracker GasBuddy. Supply disruptions associated with the U.S.-Israeli war with Iran, along with Ukrainian strikes on Russian refineries, have helped drive prices higher.
Tensions increased further after Iran said it had attacked 10 ships near the Strait of Hormuz on Wednesday. The statement followed a U.S. strike on five Iranian oil tankers. Iran’s Islamic Revolutionary Guard Corps warned that it would step up its response to additional attacks.
The direction of oil prices now increasingly hinges on how long the disruptions continue and the volume of crude purchased by China. Analysts have warned that sustained Chinese buying could amplify the impact of supply shortages because China is the world’s largest crude importer.
OPEC has also lowered its projection for global oil demand growth in 2026 to 380,000 barrels per day, marking its fifth consecutive downward revision. Meanwhile, OPEC’s oil production fell by 640,000 barrels per day in August, according to a Reuters survey.
With geopolitical tensions remaining high, traders are closely monitoring physical oil flows. A further deterioration in supply conditions could send prices toward the highs recorded earlier this year, while improved shipping conditions could relieve some of the upward pressure.
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