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EnergyNow Friday Oil Price Report
Report Date & Time: September 18, 2026 – 3:01 p.m. MDT – Using Trading View Prices
Summary
- WTI crude settled Friday at US$100.30 per barrel, down US$1.61, or 1.58%, from Thursday’s US$101.91 close. For the week, WTI edged US$0.25 higher, or 0.25%, from last Friday’s US$100.05 settlement.
- Brent crude settled at US$103.87 per barrel, down US$0.95, or 0.91%, from Thursday’s US$104.82 close. Brent lost US$0.74, or 0.71%, for the week from last Friday’s US$104.61 settlement, despite briefly approaching $110 earlier this week.
- Oil retreated Friday after China, acting at Saudi Arabia’s request, urged Iran to restrain Houthi attacks on Saudi oil infrastructure. But the Strait of Hormuz remains heavily restricted, Saudi pipeline damage is unresolved and diesel markets remain exceptionally tight.
Friday Closing Prices
WTI finished Friday at US$100.30, down US$1.61, or 1.58%, from Thursday. Brent closed at US$103.87, down US$0.95, or 0.91%.
The market experienced considerable intraday volatility, with Brent briefly falling below $102 before recovering toward the close. Both benchmarks nevertheless remained above the psychologically important $100 level.
Weekly Performance
WTI began the week from last Friday’s US$100.05 settlement and finished at $100.30, producing a modest US$0.25, or 0.25%, weekly gain.
Brent moved from US$104.61 last Friday to US$103.87, a decline of US$0.74, or 0.71%.
Those relatively small weekly changes disguise enormous volatility. Brent reached US$108.75 Tuesday, while WTI settled at US$105.83, their highest closes since May 19, after Saudi Arabia suspended Yanbu loadings and cancelled some European cargoes.
Why Oil Moved
The week was dominated by Saudi Arabia.
Drone attacks damaged three pumping stations on Saudi Arabia’s critical East-West Pipeline, disrupting the alternative export route that bypasses Hormuz. Saudi Aramco has subsequently told at least two European refiners they will receive no crude in October, while Saudi Arabia works to restore roughly half of the pipeline’s capacity.
Prices retreated later in the week as Saudi Arabia arranged additional crude exports through ship-to-ship transfers near Sohar, Oman, reducing fears of an immediate severe supply shortage.
Friday brought another bearish catalyst when China urged Iran to help limit Houthi attacks on Saudi oil infrastructure.
But the physical market remains far from normal. Only four commodity vessels crossed the Strait of Hormuz Thursday, compared with a recent 10-day average of about 16.
Key Developments to Watch Next Week
The biggest issue will be whether Hormuz traffic actually improves. A sustained increase in tanker movements could remove more geopolitical premium from crude.
Saudi pipeline repairs are equally important. The timetable remains uncertain, and European customers are already sourcing alternative barrels.
The United Nations General Assembly could also become a diplomatic focal point for the Iran conflict next week. The U.S. and Iran have held no peace negotiations since their interim agreement collapsed in June.
Finally, refined products remain a warning sign. U.S. diesel has reached a record US$6.45 per gallon, while U.S. operating refining capacity is expected to decline by another 371,000 barrels per day next week.
Bottom Line
Oil finished an extraordinary week almost where it began, but that should not be mistaken for market stability.
WTI remains just above $100, while Brent finished near $104. Improving Saudi export alternatives and diplomatic intervention from China have reduced immediate supply fears, but Hormuz remains severely constrained and Saudi infrastructure remains damaged.
The direction next week could therefore depend heavily on physical tanker flows rather than diplomatic headlines.
Western Canadian Select (WCS)
A verified Friday Hardisty WCS closing assessment was not yet publicly available at publication time.
The latest reliable market data available is for September 17, when November-delivery Western Canadian Select was quoted at a US$19.75-per-barrel discount to its corresponding WTI-CMA benchmark, implying a WCS value of approximately US$71.60 per barrel and a comparable WTI-CMA value of about US$91.35.
Last Friday’s verified WCS differential was approximately US$16.75 below WTI. On that basis, the latest available differential has widened by roughly US$3.00 per barrel over the week.
There is an important contract and timing qualification. The latest WCS quote is for November delivery and is expressed against WTI-CMA, whereas the headline WTI futures price is the October front-month contract. The current US$100.30 WTI settlement therefore should not be subtracted directly from the US$71.60 WCS implied value to calculate a $28.70 spread. That would mix different contract months and pricing methodologies. The appropriate latest verified WCS differential is US$19.75 per barrel.
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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