EnergyNow Morning Oil Price Report

Report Date & Time: September 11, 2026 – 5:30 a.m. MDT – Using Trading View Prices

See Up-To-Date Prices Here 

Summary

• WTI crude is approximately US$99.20 per barrel, down $3.28, or 3.20%, from Thursday’s official US$102.48 settlement. The pullback follows Thursday’s 6%-plus surge and appears driven primarily by profit-taking and reports that Middle Eastern governments are exploring a temporary arrangement with Iran to improve shipping through the Strait of Hormuz.
• Brent crude is approximately US$103.88 per barrel, down $3.75, or 3.48%, from Thursday’s US$107.63 settlement. Despite Friday’s retreat, both benchmarks remain sharply higher for the week as Middle East supply disruptions continue to dominate the market.
• The broader market remains fundamentally tight. Hormuz vessel traffic is running well below normal, Houthi forces now control Yemen’s Mocha port near another critical shipping route, Saudi output has fallen sharply, and U.S. diesel prices have exceeded $6 per gallon for the first time.

Latest Oil Prices

At approximately 5:30 a.m. MDT Friday, WTI was near US$99.20 per barrel, compared with Thursday’s official settlement of US$102.48. That represents a decline of approximately $3.28 per barrel, or 3.20%, putting WTI back just below the psychologically important $100 level.

Brent was approximately US$103.88 per barrel, down $3.75, or 3.48%, from Thursday’s US$107.63 settlement. Reuters reported Brent and WTI had nevertheless gained more than 7% for the week after reaching their highest levels since mid-May.

The current WTI front month is the October 2026 contract. There is no significant contract rollover distortion affecting today’s settlement-to-current comparison.

Why Oil Is Moving

Friday’s decline appears to be a correction after an extraordinary rally rather than a fundamental easing of the global supply problem.

Oil reversed early gains after reports that Middle Eastern foreign ministers were trying to negotiate a temporary arrangement with Iran aimed at managing tanker traffic through the Strait of Hormuz. UBS energy analyst Giovanni Staunovo told Reuters the possibility of renewed talks was weighing on prices, although near-term oil risks remained tilted to the upside.

The market remains exceptionally sensitive to headlines because physical supply routes remain disrupted. Vessel transits through Hormuz fell to seven on Thursday from 11 Wednesday, compared with a recent 10-day average of 15. Before the war, the Strait carried roughly one-fifth of global oil and LNG supply.

Key Market Risks or Catalysts

A major new risk has emerged in the Red Sea and Bab el-Mandeb corridor. Iran-aligned Houthi forces seized Yemen’s port of Mocha, increasing concerns that Gulf and Red Sea shipping routes could be constrained simultaneously.

The International Energy Agency also warned that normal Middle East oil flows may not return until 2027, with global oil supply expected to fall substantially more this year than previously forecast.

Fuel markets are sending an equally strong warning. U.S. diesel prices have crossed $6 per gallon for the first time, while distillate inventories remain roughly 13% below their five-year average.

China is another important catalyst. Independent Chinese refiners have been aggressively purchasing crude from Canada, West Africa and South America to replace constrained Iranian and Russian barrels, adding further pressure to the physical crude market.

Bottom Line

Friday morning’s decline should be viewed in the context of an extremely strong week.

WTI has retreated below $100 and Brent has pulled back toward $104, but neither move signals that the underlying supply crisis has been resolved. Hormuz traffic remains restricted, Red Sea risks are increasing, diesel markets are historically tight and Middle East production remains constrained.

Unless tangible evidence emerges that tanker flows are normalizing, oil prices are likely to remain highly volatile with significant upside risk.

Western Canadian Select (WCS)

The latest available WCS assessment is approximately US$83.70 per barrel, up US$3.02 from the previous assessment of about US$80.68.

Using Thursday’s comparable WTI settlement of US$102.48, the indicative WTI-WCS discount is approximately US$18.78 per barrel. Based on the prior WCS assessment of $80.68 and Wednesday’s WTI settlement of $96.05, the prior indicative spread was approximately US$15.37, meaning the discount widened by roughly US$3.41 per barrel.

There is an important timing mismatch in this comparison. The latest WCS assessment was published several hours after Thursday’s WTI futures settlement, so the $18.78 differential is an indicative benchmark comparison rather than an exact simultaneous market spread.

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.