Oil prices remain above $100 on supply risks

• Brent crude traded at $105.99 per barrel and WTI crude at $101.20 as markets assessed Middle East supply risks.
• Both benchmarks remained more than 10% higher for the week, marking their strongest weekly gains since July.
• Shipping disruptions around key routes, including the Strait of Hormuz, continued to influence oil markets.

Oil prices declined on Friday but remained above $100 per barrel for the week as traders monitored potential supply disruptions linked to increased attacks along Middle East shipping routes.

Brent crude futures fell $1.64, or 1.5%, to $105.99 per barrel, while U.S. West Texas Intermediate crude declined $1.28, or 1.3%, to $101.20 per barrel.

Both benchmarks remained more than 10% higher on the week after rising more than 6% on Thursday, as concerns increased over disruptions involving the Strait of Hormuz and Red Sea shipping routes.

Following the announcement, Brent crude price was $105.99 per barrel and WTI crude price was $101.20 per barrel.

Iran-aligned Houthi forces seized Yemen’s port of Mocha, while attacks on regional energy infrastructure increased concerns about broader supply disruptions.

Analysts said future oil prices could depend on the duration of Middle East disruptions, shipping conditions, and potential diplomatic efforts involving Iran.