International Oil Prices Break Above 100 Dollars: WTI at 102.48 Dollars, Brent at 107.63 Dollars…Dubai Crude Moved Differently
2026-09-11, as of 9:1 a.m. Korea time, international oil prices were confirmed to have broken above 100 dollars. On September 10, WTI rose to 102.48 dollars per barrel and Brent crude to 107.63 dollars, putting both benchmarks above 100 dollars. However, Dubai crude was higher at 121.49 dollars on the same day but fell 0.52 dollars from the previous day. Therefore, interpreting the situation as 'all international oil prices surged in the same direction' would misrepresent the actual market movements.
The first thing to check when reading international oil price news is not simply whether prices exceeded 100 dollars, but which crude oil benchmark moved from what price to what price. Domestic gas station prices also do not move in direct correspondence with international crude oil prices. As of September 11, the nationwide average gas station prices displayed by the Korea National Oil Corporation were KRW 1,858.80 per 1 liters of gasoline and KRW 1,843.44 for automotive diesel.
WTI Climbed from 96.05 Dollars to 102.48 Dollars in Just One Day
WTI's move above 100 dollars is particularly notable because it had remained below 100 dollars until the previous day. According to figures compiled by the Korea National Oil Corporation, WTI stood at 96.05 dollars per barrel on September 9 before reaching 102.48 dollars on September 10. Over the same period, Brent crude rose from 101.21 dollars to 107.63 dollars.
WTI gained 6.43 dollars per barrel. Based on the author's calculation using 96.05 dollars as the starting price, the increase was approximately 6.69%.
Author's Calculations
WTI:
102.48 dollars - 96.05 dollars = 6.43 dollars increase
6.43 ÷ 96.05 × 100 = approximately 6.69%
Brent crude:
107.63 dollars - 101.21 dollars = 6.42 dollars increase
6.42 ÷ 101.21 × 100 = approximately 6.34%
Trading on September 10 also confirmed that Brent crude futures closed up 6.34%, while WTI futures closed up 6.69%. WTI exceeded 100 dollars for the first time since May, and both benchmarks reached their highest levels since May.
Therefore, reducing this latest move above 100 dollars to a single number would obscure an important distinction. Brent crude had already been trading above 100 dollars at 101.21 dollars on September 9. On the following trading day, WTI also crossed 100 dollars, bringing both major futures benchmarks into triple-digit territory simultaneously.
Dubai Crude Was Even Higher at 121.49 Dollars, So Why Did Crossing 100 Dollars Make Headlines?
Looking only at WTI and Brent crude, crossing 100 dollars appears to be a major development. However, Dubai crude was already trading at a substantially higher level. Prices published by the Korea National Oil Corporation for September 10 were 121.49 dollars for Dubai crude, 102.48 dollars for WTI, and 107.63 dollars for Brent crude.
A simple comparison of the three prices shows that Dubai crude was 19.01 dollars higher than WTI and 13.86 dollars higher than Brent crude. However, these differences should not automatically be interpreted as differences in crude oil quality or as a 'premium' associated with a particular region.
WTI, Brent crude, and Dubai crude are benchmark crude oil grades whose prices are established in different regions. WTI represents the United States, Brent crude represents the North Sea, and Dubai crude represents the Middle East. Their trading locations and price formation mechanisms also differ. The Korea National Oil Corporation likewise identifies WTI, Brent crude, and Dubai crude as major benchmark grades in global oil trading.
An even more interesting point is that their daily price movements did not follow the same direction.
Dubai crude stood at 122.01 dollars on September 9 but declined 0.52 dollars to 121.49 dollars on September 10. On the same day, WTI rose 6.43 dollars and Brent crude gained 6.42 dollars. In other words, even within a headline describing 'rising international oil prices,' both the price levels and daily movements differed depending on the benchmark.
This is precisely why WTI, Brent crude, and Dubai crude should be checked separately when following oil market news.
Maritime Shipping Risks Were Behind the Sharp Rise in WTI and Brent Crude on September 10
During the price surge on September 10, concerns about maritime transportation in the Middle East and potential disruptions to crude oil supplies were strongly reflected in market prices. Reports describing market conditions at the time identified an expansion of attacks on vessels in the Middle East, including around the Strait of Hormuz, as a factor increasing concerns about oil supply routes.
These concerns were not merely hypothetical. U.S. Central Command officially announced on September 8 that U.S. forces had destroyed 5 Iranian oil tankers. The announcement included details of vessels being attacked in the Gulf of Oman and near Kharg Island.
Crude oil prices are not determined solely by current production volumes. Market assessments of whether oil can continue to be produced normally, transported by ship, and delivered to its destination are also reflected in trading prices. During this price movement, concerns about supply disruptions intensified amid confirmed military operations in the Middle East and instability in maritime transportation.
However, it is too early to conclude that 'oil prices will continue rising because tensions in the Middle East persist.' Actual prices are shaped by multiple changing factors, including new military developments, crude oil export volumes, inventories, purchases by major consuming countries, and production policies adopted by oil-producing nations.
OPEC+ Has Not Immediately Moved to Increase Production Further
With oil prices exceeding 100 dollars, it may seem natural to expect oil-producing countries to immediately increase supply substantially. However, the official decision made in early September was different. The 7 countries participating in OPEC+ decided at their September 6 meeting to maintain the production levels required for September 2026 through October. The next meeting is scheduled for October 4.
At the preceding August 2 meeting, the participating countries had decided to apply a production adjustment of 18 ten-thousand and 8 thousand barrels per day for September. At the September 6 meeting, they decided to maintain September production levels through October rather than make further changes.
Therefore, when monitoring international oil prices going forward, it is more accurate to check separately whether the production plan for October changes again and what decisions are made at the October 4 meeting, rather than focusing solely on whether OPEC will increase production.
The fact that prices currently exceed 100 dollars does not provide sufficient grounds to treat future decisions by oil-producing countries as already determined.
International Oil at 100 Dollars Does Not Mean Domestic Gasoline Prices Will Immediately Jump
International crude oil prices and domestic gas station retail prices are not the same indicator. As of September 11, the nationwide average retail prices displayed by the Korea National Oil Corporation were KRW 1,858.80 per 1 liters of gasoline and KRW 1,843.44 for automotive diesel. The previous day's international crude oil prices shown on the same screen were 121.49 dollars for Dubai crude, 102.48 dollars for WTI, and 107.63 dollars for Brent crude.
Consequently, it is not possible to calculate domestic gasoline prices on the assumption that 'because WTI has reached 102.48 dollars, domestic gasoline prices will rise by the same amount today.'
International crude oil and gasoline sold at domestic gas stations are measured in different units. International crude oil is traded in dollars per barrel, while domestic gas station prices are displayed in Korean won per liter. Between these two prices are crude oil imports, refining, petroleum product trading, exchange rates, taxes, and distribution processes. Converting the figures through a simple proportional calculation therefore does not produce an actual retail price.
To understand how domestic prices are currently changing, it is more accurate to check actual average gas station prices published by the Korea National Oil Corporation and Opinet separately, rather than relying on international oil price headlines. Opinet provides separate statistics on average domestic petroleum product prices and price trends.
On days like this, when international crude oil prices move by more than 6% in a single day, it is especially important not to treat international crude oil prices and domestic retail prices as identical indicators for the same date.
100 Dollars Is Not the Only Number to Watch From Here
To understand what happens next, at least three sets of figures need to be distinguished.
First is whether WTI and Brent crude remain above 100 dollars. As of September 10, WTI at 102.48 dollars and Brent crude at 107.63 dollars were both above 100 dollars. However, subsequent trading will need to confirm whether they can maintain those price levels following the sharp one-day increases.
Second is the movement of Dubai crude. On September 10, Dubai crude stood at 121.49 dollars, higher than WTI and Brent crude, but had fallen 0.52 dollars from the previous day's 122.01 dollars. It is important to recognize that the major crude oil benchmarks did not all move in the same direction.
Third is actual retail prices at domestic gas stations. Even on days when international oil prices fluctuate sharply, the prices consumers actually pay in South Korea must be checked through separate statistics. As of September 11, the nationwide average gasoline price displayed by the Korea National Oil Corporation was KRW 1,858.80/L, while diesel was KRW 1,843.44/L.
On the production side, the next meeting of OPEC+ participating countries, scheduled for October 4, is another development to monitor. The officially confirmed decision so far is to maintain production levels for October at the same levels as September.
International oil prices have indeed broken above 100 dollars. However, to interpret the market accurately and avoid misunderstanding the figures, it is important to consider WTI's new move above 100 dollars, the different direction taken by Dubai crude despite its already higher price, and the need to check domestic gas station prices separately.
※ This article is provided for reference to help readers understand market developments and does not constitute investment advice regarding any particular security or asset. Readers are responsible for their own final decisions and investment outcomes.