Oil heads for biggest weekly gain since July as Brent tops $100 on Middle East shipping attacks

Oil prices have climbed above $100 a barrel for the first time since mid-May, heading for their biggest weekly gain since July amid escalating attacks on Middle East shipping routes.

• Brent crude futures rose 1% to $108.68 a barrel on Friday, with West Texas Intermediate climbing 1% to $103.45, after both benchmarks jumped more than 6% on Thursday.
• Oil was on track to end the week about 13% higher, the largest weekly gain since the week ending July 17.
• OPEC has cut its 2026 global oil demand growth forecast to 380,000 barrels per day, its fifth consecutive downward revision.
• Australian fuel prices are set to rise a further 20–30 cents a litre over the coming weeks as the crude surge filters through.

Latest developments

• Sep 11 — Iran-backed Houthi forces seized the Red Sea port of Mocha and Zuqar island on Thursday, advancing toward Bab al-Mandab after clashes that killed at least 500.
• Sep 11 — US officials said President Trump rejected a Saudi request to strike the Houthis, aiming to avoid direct military engagement.
• Sep 11 — Traffic through the Strait of Hormuz fell to just seven ships on Thursday, adding pressure at a second key energy chokepoint.