International crude oil prices surpassed $100 this week, driving up oil prices in Texas

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智通财经2026/09/13 00:36

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This week, both Brent crude oil and West Texas Intermediate (WTI) surpassed the $100 per barrel mark. Mutual attacks between the US and Iran have kept tensions high in the Strait of Hormuz, further highlighting challenges in international oil prices. On Thursday, WTI closed at $102.5 per barrel, while Brent briefly touched a peak of $109.5 per barrel. Although there was a pullback on Friday, prices remained close to $100.
As a result, the average price of regular unleaded gasoline in Waco rose to $3.90 per gallon, higher than the statewide average of $3.83 per gallon, but still $0.37 lower than the national average of $4.27. A spokesperson for AAA Texas said that gas prices usually decrease around this time of year, but ongoing volatility in the oil market has pushed gasoline prices higher, and drivers should prepare for further fluctuations in the coming days.
Ingham, chairman of the Texas Alliance of Energy Producers, pointed out that oil prices may continue to rise, and $103 per barrel is already considered a high price. The issue is not a shortage of oil, but rather how to transport oil from producing countries to refineries—the riskiness of the Strait of Hormuz situation makes transportation challenging. He emphasized that only about 2% of US oil demand relies on the Middle East, and domestic production has increased significantly in recent years; Texas accounts for about 42% of national output, and last year US daily production surpassed 13.6 million barrels, compared to less than 5.5 million barrels in 2010.
Ingham stated that without increased US production, oil prices could rise to $130 to $150 per barrel, which would be disastrous for all sectors of the economy. For the first time in three years, Texas has deployed a new drilling rig and rehired around 2,500 to 3,000 oilfield workers. However, he also admitted that the additional few hundred thousand barrels of supply is still insignificant compared to the gap, and as part of the global market, the US cannot be fully insulated from external shocks.

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International crude oil prices surpassed $100 this week, driving up oil prices in Texas

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