NEW YORK — Crude oil prices held near multi-month highs around the mid-$100s as traders weighed Middle East supply risks and signs of physical tightness in key import markets.
Brent has traded near or above $105 in recent sessions, while regional differentials and Asian markers have at times shown even larger premiums when prompt barrels are hard to source.
What is driving prices
Supply fears tied to regional conflict, pipeline disruptions, and competition for physical cargoes have outweighed routine demand headlines. When Chinese and other Asian buyers pay elevated premiums, global benchmarks often follow with a lag.
Shanghai Crude has pushed to a wide premium over Brent. That gap matters more than the headline number when the world's largest importer cannot get enough physical barrels near Brent.
— Jack Prandelli (@jackprandelli) September 17, 2026
Impact for U.S. drivers
Gasoline and diesel prices typically trail crude moves. A sustained hold near $105 keeps upside risk on pump prices even if futures chop day to day. Traders will watch any de-escalation signals and inventory data for relief.
