Oil Prices Defy Expectations, Brent Crude Holds Above $104
Global energy markets are reeling as crude oil prices refuse to cool down. Despite promises of cheaper energy from global leaders, physical market realities paint a different picture. Brent crude settled at $104.61 per barrel on Friday, September 12, 2026, while US West Texas Intermediate (WTI) closed at $100.05 per barrel.
The prices are near multi-month highs, and traders are asking if the world is headed toward an energy crisis. The ongoing security friction and military clashes in the Middle East have choked normal tanker flows through critical export channels like the Strait of Hormuz.
Tight global refinery processing margins have forced derivative products like diesel to historic all-time highs, amplifying fears of widespread consumer inflation. Commercial stockpiles worldwide are being drained at an accelerated pace due to sustained supply disruptions, leaving the global economy with virtually zero buffer against sudden geopolitical shocks.