At 9.37 am on Friday, November Brent oil futures were at $108.42, up by 0.73 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $103.04, up by 0.55 per cent. September crude oil futures were trading at ₹9888 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹9722, up by 1.71 per cent, and October futures were trading at ₹9475 against the previous close of ₹9,352, up by 1.32 per cent.
Quoting military sources, a Reuters report said the Houthis took control of Mocha, a port city in Yemen, on Thursday and advanced down the Red Sea coast to strategic islands.
The Houthis had gained further leverage over the Bab el-Mandeb Strait, the southern outlet of the Red Sea and one of the world’s most important shipping routes, and had reached the islands of Hanish, it said.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices surged, with ICE Brent settling more than 6 per cent higher. In early Friday morning trading, prices neared $110 a barrel. Oil’s resilience reflects a market now repricing both the duration and severity of the conflict, along with a clearer recognition of the mounting threat to regional supply. And while meaningful volumes are still moving through the Strait of Hormuz, flows remain well below pre‑war levels, underscoring how fragile the situation has become, they said.
Another market concern will be the August production numbers Saudi Arabia reported to OPEC. The latest monthly report shows Saudi Arabia produced 6.24 million barrels a day. Saudi Arabia did supply more to the market than it produced. The producer supplied 7.12 million barrels a day to the market, suggesting that it relied on inventory over the month, they said. Meanwhile, secondary sources show Iraq increased supply by 664,000 barrels a day month on month to 3.38 million barrels a day in August.
They said that these renewed supply concerns coincide with stronger Chinese buying in the physical market. Independent refineries in China have been steadily increasing run rates after bottoming in July. Data from JLC shows independent refiners running at almost 63 per cent, up from 45 per cent in July. State refiners increased runs over this period. Signs of increased buying appetite from China will concern markets. China has helped the market since the start of the war by reducing imports, they said.
The US EIA’s (Energy Information Administration) weekly report said commercial crude oil inventories decreased 0.4 million barrels to 424.1 million barrels for the week ending September 4.
Gasoline inventories increased 1.3 million barrels, 5 per cent below the five-year average. Distillate inventories increased 2.1 million barrels, 13 per cent below the five-year average.
Over the past four weeks, total product supplied in the US averaged 20.1 million barrels a day , down 3.7 per cent year over year. The four-week average for gasoline product supplied decreased 1.4 per cent year over year to 8.8 million barrels a day, while the four-week average for distillate product supplied decreased 2.6 per cent to 3.7 million barrels a day. The four-week average for jet fuel product supplied decreased 2.3 per cent year over year, it said.
Published on September 11, 2026
