Brent Crude Settles at $104.61 Per Barrel and WTI at $100.05 on September 12, Retreating from Weekly Highs Near $107-$109 Ahead of Iran-GCC Talks Monday

Brent crude futures dropped $3.02, or 2.81 percent, to settle at $104.61 per barrel on Friday September 12, while US West Texas Intermediate crude fell $2.43, or 2.37 percent, closing at $100.05 per barrel, according to multiple oil price tracking sources. The pullback came after both benchmarks touched multi-month highs near $107 to $109 earlier in the week following heightening geopolitical friction, with Brent reaching an intraday peak of $108.92 on September 11 and WTI opening at $104.02 that same day. The September 12 retreat was driven by Iranian state media reporting that Tehran would meet Gulf Cooperation Council states in Salalah, Oman, on Monday September 14 to discuss the Strait of Hormuz, with GCC diplomats expected to discuss a possible temporary arrangement for managing shipping through the strategic waterway. Oil prices remain heavily supported above key psychological thresholds due to persistent supply concerns and maritime transit constraints in the Middle East, with WTI up 21.61 percent over the past 30 days from $82.22 and up 9.61 percent week-over-week as of Friday. The International Energy Agency sharply downgraded its 2026 global oil demand outlook in its September report, forecasting a 2.5 million barrels per day contraction for the year, the largest annual decline since the COVID-19 pandemic, as higher fuel prices and tighter supplies weigh on consumption, according to IEA data published September 11. The EIA also raised its 2027 US crude production forecast to 14.3 million barrels per day, adding downward pressure on Friday. Brent reached a 52-week intraday high of $120.88 on April 30, 2026, while the lowest intraday price in the past year was $58.66 per barrel on December 16, 2025. The spread between Brent and WTI widened during the current Hormuz crisis, with Brent trading at a larger premium to WTI as Middle East supply disruptions affect Brent-priced barrels more directly than US domestic production.