Oil Prices Slip Slightly but Stay Above $100 Amid Rising Middle East Supply Risks
Brent crude fell to $114.42 a barrel and U.S. WTI traded at $100.97, while attacks on tankers in the Strait of Hormuz and Houthi strikes on Saudi facilities keep supply concerns high.
Crude oil prices edged lower this week but remained well above $100 a barrel as tensions in the Middle East persisted. At the time of reporting, Brent crude was priced at $114.42 per barrel, down from more than $116 the previous week, while West Texas Intermediate traded at $100.97 per barrel, below its April 2026 peak of over $112 but still far above the sub-$60 levels seen at the end of 2025.
The futures market continues to show a pattern of sharp climbs followed by modest declines, a dynamic analysts say could be worrisome if it endures. Physical oil prices have eased from earlier highs, yet the overall level stays elevated.
Data from the UK Maritime Trade Operations and the International Maritime Organization indicate that at least 28 vessels were attacked in the Strait of Hormuz this month, including 11 supertankers that sustained damage. The attacks, reported by Reuters, come amid a surge in Houthi strikes targeting Saudi oil infrastructure and an airport over the weekend. Officials note that the actual number of incidents may be higher because not all attacks are reported.
These developments maintain pressure on global oil supplies, contributing to the sustained price levels despite the recent dip.