Brent Crude Oil Surges Above $100 Amid Middle East Supply Disruptions
The price of Brent crude oil has surged above $100 per barrel, reaching a high of $108 before settling at $107.63 on September 10.
This represents a climb of roughly 50% in just over two months, from below $72 in early July.
The main driver behind this increase is not demand-led, but rather traders' loss of confidence in the reliability of Middle Eastern supply and shipping flows due to recent tanker attacks and disruptions.
Falling inventories have made the market more sensitive to these disruptions, with global oil inventories falling by an average of 3.9 million barrels per day during the second quarter and projected further declines in the second half of 2026.
OPEC+ has maintained its existing production requirements for October, providing little short-term relief for traders worried about physical shortages.