Crude oil prices remained firmly elevated on Monday, with West Texas Intermediate (WTI) trading at $104.50 a barrel after a $4.48 gain (+4.48%), while Brent crude climbed to $109.50, up $4.84.
The current levels mark a clear step-up from last week. At the start of the week ending September 11, WTI was hovering in the low-to-mid $90s (around $92–93 on September 7–8), while Brent traded near $97. By the end of that week, both benchmarks had pushed decisively higher.
The spike hardened on Thursday, September 10 which saw the largest single-session jump in recent weeks: WTI surged more than 6% to settle at $102.48, while Brent climbed over 6% to $107.63. The move was driven by a sharp escalation in attacks on shipping near the Strait of Hormuz and renewed supply-disruption fears tied to the ongoing Middle East conflict. Both contracts crossed and held above the psychologically important $100 mark for the first time since May.
Prices pulled back modestly on September 11 (WTI to about $100, Brent to $104.61) but recovered through the weekend and into Monday’s session, locking in the higher range. Relative to early last week, WTI is now roughly $11–12 higher and Brent about $12 higher — a gain of approximately 12–13% in under a week.
The market’s new floor above $100 appears to have been set last Thursday; and whether it holds will depend on the next developments in Gulf shipping and any further supply constraints.
