By Boluwatife Oshadiya | September 11, 2026, 10:29 AM
Key Points
- Brent crude falls 1.6% to $105.87 a barrel but remains on track for its first close above $100 since mid-May
- WTI declines 1.3% to $101.10 as diplomatic efforts over shipping through the Strait of Hormuz temper early gains
- Disruptions around Hormuz and Bab al-Mandeb continue to raise concerns over the security of global oil shipments
Main Story
Brent crude prices eased on Friday but remained above $105 a barrel as renewed diplomatic efforts over the Strait of Hormuz competed with growing concerns about prolonged disruptions to Middle East oil shipments.
Brent crude futures for November delivery fell 1.6% to $105.87 a barrel from $107.63, while US West Texas Intermediate (WTI) crude for October delivery declined 1.3% to $101.10 from $102.48.
Both benchmarks remained on track to close above $100 a barrel for the first time since mid-May, according to the market information provided. Early gains faded after reports that Middle Eastern foreign ministers were seeking a temporary arrangement with Iran to facilitate shipping through the Strait of Hormuz.
Iran and Gulf states are expected to meet in Oman on Monday to discuss the proposed arrangement. The Strait of Hormuz is a critical global shipping route, making any sustained disruption significant for international energy markets.
The oil market is also being affected by developments around the Red Sea and Bab al-Mandeb. Reports from Yemeni media said Houthi forces had advanced into parts of Hays and Al-Khawkhah districts in southern Al-Hudaydah province following the withdrawal of government and allied forces.
US crude inventories fell by 400,000 barrels last week, below the 1.4 million-barrel draw expected by analysts, indicating a smaller-than-anticipated tightening in the US oil market.
What’s Being Said
US President Donald Trump said the US was not attacking Iran “in full” because of the November 3 midterm elections and predicted the conflict would end after the polls or potentially sooner. Donald Trump, US President.
Pakistan has also urged the US and Iran to return to negotiations, with Pakistan’s ambassador to the United Nations citing a “lingering lack of trust on both sides” as an obstacle to implementing an agreement brokered by Islamabad.
What’s Next
- Iran and Gulf states are expected to meet in Oman on Monday to discuss arrangements for shipping through the Strait of Hormuz
- Traders will continue monitoring tanker movements through Hormuz and Bab al-Mandeb for evidence of further supply disruption
- US inventory data and developments in the Middle East will remain key drivers of oil prices in the near term
Bottom Line
The Bottom Line: The retreat in Brent does not remove the supply-risk premium supporting prices above $100 a barrel. Until shipping conditions through Hormuz and the Red Sea show sustained improvement, geopolitical developments will remain a dominant influence on crude prices.
