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EnergyNow Friday Oil Price Report
Report Date & Time: September 11, 2026 – 3:02 p.m. MDT – Using Trading View Prices
Summary
- WTI crude finished Friday at US$100.05 per barrel, down US$2.43, or 2.37%, from Thursday’s US$102.48 settlement. Despite Friday’s decline, WTI gained US$8.57, or 9.37%, for the week, finishing above $100 for the first time in months.
- Brent crude settled at US$104.61, down US$3.02, or 2.81%, from Thursday’s US$107.63 close. Brent nevertheless gained US$8.33, or 8.65%, for the week, as attacks on Middle East shipping and energy infrastructure added a substantial supply-risk premium.
- Friday’s retreat was largely profit-taking and tentative optimism over possible negotiations involving Iran and Gulf countries over Strait of Hormuz shipping. The underlying market remains tight, however, with sharply reduced Gulf exports, Saudi production at a three-decade low and U.S. diesel above $6 per gallon.
Friday Closing Prices
WTI closed Friday at US$100.05 per barrel, compared with Thursday’s official US$102.48 settlement. That was a decline of US$2.43, or 2.37%.
Brent settled at US$104.61, compared with US$107.63 Thursday, a drop of US$3.02, or 2.81%. Both benchmarks briefly reached their highest intraday levels since mid-May before reversing.
Friday therefore represented a pullback from Thursday’s exceptional rally rather than a reversal of the week’s broader trend.
Weekly Performance
The weekly gains were substantial.
Last Friday, September 4, WTI settled at US$91.48. This Friday’s $100.05 close represents a US$8.57 gain, or approximately 9.37%.
Brent rose from US$96.28 last Friday to US$104.61, an increase of US$8.33, or approximately 8.65%.
That means crude posted a second consecutive powerful weekly advance, with geopolitical supply risk rather than strengthening demand providing the primary catalyst.
Why Oil Moved
The defining event this week was the sharp escalation of the U.S.-Iran conflict and attacks on oil shipping.
Iran said it attacked 10 ships near the Strait of Hormuz after U.S. forces targeted five Iranian tankers. At the same time, Iran-aligned Houthi forces expanded operations around Yemen and reached Perim Island in the Bab el-Mandeb Strait, threatening another major global shipping chokepoint.
Hormuz vessel traffic fell to just seven transits Thursday, down from 11 Wednesday and well below the recent average. Before the conflict, the strait handled roughly one-fifth of global daily oil and LNG supplies.
Saudi Arabia is also under increasing pressure. The IEA estimates Saudi crude supply fell by 2.3 million barrels per day in August to approximately 6 million bpd, its lowest level in more than three decades.
Friday’s decline followed reports that Middle Eastern foreign ministers were discussing a temporary arrangement with Iran to improve shipping through Hormuz. That encouraged traders to take profits after Thursday’s more than 6% surge.
Key Developments to Watch Next Week
The first issue is whether diplomacy produces measurable improvement in Hormuz tanker traffic. Headlines alone may temporarily push prices lower, but sustained increases in actual vessel movements would be required to materially reduce the geopolitical premium.
The second is Saudi infrastructure. Reports of damage near the kingdom’s East-West Pipeline are significant because that system helps Saudi Arabia bypass Hormuz.
Third, refined fuels are becoming an increasingly important inflation signal. U.S. average diesel prices have moved above $6 per gallon for the first time, while diesel inventories remain unusually tight.
Finally, Russia remains another supply concern. The IEA has lowered its Russian production forecasts after continued Ukrainian attacks on Russian oil infrastructure.
Bottom Line
Oil gave back part of Thursday’s dramatic surge Friday, but the weekly numbers tell the more important story: WTI climbed more than 9% and Brent nearly 9%.
With WTI ending at $100.05 and Brent at $104.61, the market is entering next week with a substantial geopolitical premium embedded in prices.
Any improvement in Hormuz shipping could trigger another correction. But until Gulf exports, Saudi production and tanker movements show sustained normalization, upside price risk remains unusually high.
Western Canadian Select (WCS)
A reliable Friday WCS assessment was not yet publicly available at the time of this report. The latest timestamped WCS price available was US$83.70 per barrel, dated September 10.
Comparing that delayed WCS assessment with Thursday’s WTI settlement of US$102.48 gives an indicative WTI-WCS discount of US$18.78 per barrel. Because the WCS quote and WTI settlement were recorded at different times, this should not be interpreted as an exact simultaneous market differential.
For comparison, WCS was reported at US$79.13 on Friday, September 4, while WTI settled that day at US$91.48, implying an indicative discount of approximately US$12.35 per barrel. On that imperfect but consistent closing-price comparison, the WCS discount has widened by approximately US$6.43 per barrel from the previous Friday.
The widening partly reflects the speed with which WTI rallied this week and the asynchronous nature of publicly available WCS assessments. A fresh Friday Hardisty assessment could materially change that comparison once available.
Who Watches the WCS Price
Oil sands producers realize WCS-linked prices on unhedged production, and their capital plans key off the differential outlook. US Midwest and Gulf Coast refiners with coking capacity buy WCS as feedstock and treat the differential as their margin opportunity. The Alberta government forecasts royalty and tax revenue directly off WCS — a one-dollar move in the differential is worth hundreds of millions of dollars to the provincial budget over a fiscal year. And diluent demand links WCS volumes back to condensate markets.
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