The oil market faced significant price increases in the week ending September 11, 2026. The average price of Brent crude oil reached $101.67 per barrel, reflecting an increase of $7.16, or 7.58%, compared to the previous week. Additionally, the average price of the WTI index rose by $8.06 to $98.02.
Increase in OPEC Basket Price and Market Changes
The average price of the OPEC basket also reached $110.46, which was an increase of $14.11, or 14.64%, compared to the previous week. The daily price trend indicated a strengthening upward pressure; Brent's price rose from $97 on September 7 to $107.63 on September 10, closing at $104.61 on September 11.
Security developments around the Strait of Hormuz and oil transportation routes are recognized as the most significant factors affecting the oil market. According to reports, the escalation of military attacks on oil tankers and the imposition of maritime restrictions have disrupted the normal flow of oil trade. Currently, the main issue is not just the amount of oil production but the security of transporting produced barrels to consumer markets.
Impact of U.S. Oil Reserves Status
The status of U.S. oil reserves was also examined as another important variable in the market. According to published data for the week ending September 4, U.S. commercial crude oil inventories decreased by 390,000 barrels to 424.1 million barrels. In contrast, gasoline inventories increased by 1.27 million barrels to 206.9 million barrels. Additionally, distillate inventories reached 106.3 million barrels.
The low volume of U.S. strategic oil reserves is recognized as one of the factors increasing market vulnerability to supply shocks. In this situation, any physical disruption in oil production or transportation could have a greater impact on market expectations.
The refining market also did not perform uniformly this week. The refining margin in the U.S. increased by $2.23 to $62.60 per barrel, while the refining margin in Europe decreased by $12.32 to $44.29. The Asian market faced even more challenges, with the refining margin dropping to negative $0.59 per barrel.
Structural Diesel Shortage and Changes in Consumption in China
The structural shortage of diesel in the global market is one of the key issues that will continue until the second quarter of 2027. In this context, diesel has become one of the important drivers of the product market. In August, the diesel crack spread on the U.S. Gulf Coast reached a record $102 per barrel.
China, as one of the major centers of oil demand growth in the world, is currently showing structural changes in consumption patterns. The increased use of new technologies and electric vehicles has led to a decrease in road fuel demand in this country. According to a report by Kepler, new technologies have collectively reduced China's road fuel demand by about 1.3 million barrels per day in 2026.
These changes indicate that the oil market is experiencing a duality between geopolitical risks and technological developments. While security risks drive prices up in the short term, technological transformation and changes in consumption patterns limit demand growth capacity in the long term.
Read more: Crude Oil Transportation Rates in Saudi Arabia Reached a Record $1.27 Million · Latest Status of Brent and West Texas Crude Oil Prices on October 24, 2026
