Brent and West Texas Intermediate crude settled above $100 a barrel after Saudi Arabia reported August production of 6.238 million barrels a day, its lowest level since Iraq's 1990 invasion of Kuwait. Brent's November contract gained 6.34% to $107.63 on Thursday, while October WTI rose 6.69% to $102.48, as attacks, shipping constraints and field shutdowns tightened Middle East supplies. Saudi market supply exceeded production by nearly 900,000 barrels a day, indicating inventory drawdowns helped sustain deliveries. Iran's August output was estimated at 2.41 million barrels a day, down about 29% from February. Tanker traffic through the Strait of Hormuz has dropped below 2 million barrels a day, while Houthi forces took control of Yemen's port city of Mocha near the Bab el-Mandeb Strait. OPEC cut its 2026 oil-demand-growth forecast for a fifth consecutive month, but traders focused on immediate disruptions to available supply. Goldman Sachs said Brent could exceed $120 if Hormuz disruptions persist into next year, while Bank of America projected a $95-to-$120 range through year-end if regional clashes continue.