Singapore/London, Sept. 11 (SANA)Oil prices rose on Friday and were on track to end the week above $100 a barrel for the first time since mid-May, as escalating Middle East tensions and disruptions along key shipping routes fueled concerns over global supplies.

Brent crudefutures gained $1.05, or about 1%, to $108.68 a barrel by 0045 GMT, while U.S. West Texas Intermediate crude rose 95 cents, or 1%, to $103.45, Reuters reported.

Both benchmarks surged more than 6% on Thursday and were up about 13% for the week, putting oil on course for its biggest weekly gain since mid-July.

The rally came as the International Energy Agency warned of a deeper global supply shortfall, saying continued conflict in the Middle East was delaying the recovery of crude flows and adding upward pressure on fuel prices.

In its latest report, theIEAsaid global oil production fell by 1.6 million barrels per day in August to 100.1 million bpd, with more than 10 million bpd of Gulf production remaining offline amid heightened security risks.

The agency expects global supply to decline by 5.7 million bpd this year to 100.7 million bpd. A recovery in Gulf output is now expected to be delayed until 2027, when production is projected to rebound by 8 million bpd.

Supply losses are expected to be particularly severe for middle distillates and petrochemical feedstocks, especially in Asia, the IEA said. Global oil demand, meanwhile, is forecast to recover by 2.6 million bpd in 2027.

Continued U.S.-Iran confrontations and renewed attacks in the Gulf and around theBab al-Mandab Straithave disrupted oil flows, prompting the agency to lower its supply and demand forecasts for the remainder of 2026.

The IEA had already sharply cut its 2026 global oil demand forecast in August, citing persistent supply disruptions linked to the closure of theStrait of Hormuzand higher prices weighing on consumption.kA/ABD