Oil prices fell on Friday, September 11, 2026, but both major benchmarks are on track to end the week above $100 a barrel for the first time since mid-May.
The benchmarks pared all early gains to trade lower on Friday after the Financial Times reported that foreign ministers in the Middle East are trying to work out a temporary deal with Iran to manage shipping through the Strait of Hormuz.
Brent crude futures fell $1.64, or 1.5%, to $105.99 a barrel by 0643 GMT. U.S. West Texas Intermediate crude fell $1.28, or 1.3%, to $101.20 a barrel.
The benchmarks were still trading more than 10% higher on a weekly basis – the steepest gain since the week ended July 17. Both benchmarks rose more than 6% on Thursday.
Oil price rally threatens fresh petrol increase
Iran-aligned Houthis seized control of Yemen’s port of Mocha on Thursday, posing a further threat to Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz as tanker attacks in the region have intensified in recent days.
Analysts said attacks from Yemen on Saudi energy facilities marked an escalation beyond Iran and the Strait of Hormuz and raised fears of prolonged disruptions in the broader region.
“While meaningful volumes are still moving through the Strait of Hormuz, flows remain well below pre‑war levels, underscoring how fragile the situation has become,” ING analysts said in a note.
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