Oil prices have climbed above $100 per barrel as the shutdown of Saudi Arabia’s East-West pipeline compounds reduced flows through the Strait of Hormuz, declining global inventories and renewed Chinese crude buying. Brent rose 6.34% to $107.63 on September 10 and WTI gained 6.69% to $102.48, both reaching their highest levels since mid-May, while Dubai crude reached $123.66 on September 11 after a weekly gain exceeding 21%. The International Energy Agency said global inventories fell by 95 million barrels in August and by 507 million barrels since the war began. China’s crude imports increased 22.1% in July and 6.2% in August to 37.93 million tons, intensifying competition for non-Middle East supplies. South Korea says it has secured more than 90% of its year-earlier crude volumes through October, but refiners face higher premiums and tanker freight costs as they seek December cargoes.