Crude oil price update: West Texas Intermediate (WTI) is trading at $91.11 per barrel, down 0.40% on the month, while Brent Crude is at $102.25 per barrel, up 6.20%. The WTI-Brent spread has widened to -$11.14 from -$4.80 a month ago. Benchmark relationships have shifted again: the Urals quote, at $105.55, now sits above both WTI and Brent after trading at a discount last month, and Dubai’s premium has widened to $22.60 over WTI and $11.46 over Brent.
Current Crude Oil Price
| Benchmark | Price ($/barrel) | Change (Month) | As of |
|---|---|---|---|
| WTI Crude (NYMEX) | $91.11 | -0.40% | 4 October 2026 |
| Brent Crude (ICE) | $102.25 | +6.20% | 4 October 2026 |
| Louisiana Light Sweet | $102.02 | +4.48% | 3-day delay reading |
| Urals (Russia export) | $105.55 | +21.74% | 3-day delay reading |
Crude oil price data sourced from OilPrice.com. WTI and Brent reflect front-month futures pricing. Month-on-month changes compare with the 6 September 2026 update.
Crude Oil Price History
WTI and Brent crude oil prices spiked sharply in early 2026 following Strait of Hormuz disruptions, retreated hard through June and into early July as diplomatic de-escalation unwound much of the premium, then climbed back through late July and August. Brent extended its gains into October, up 6.20% to $102.25, while WTI held broadly flat at $91.11.
| Month | WTI ($/barrel) | Brent ($/barrel) |
|---|---|---|
| 4 October 2026 | $91.11 | $102.25 |
| 6 September 2026 | $91.48 | $96.28 |
| 4 August 2026 | $77.61 | $81.57 |
| 1 July 2026 | $70.56 | $70.46 |
| May 2026 | $102.13 | $107.14 |
| April 2026 | $100.32 | $117.29 |
| March 2026 | $91.38 | $103.13 |
| February 2026 | $64.51 | $70.89 |
| January 2026 | $60.04 | $66.60 |
| Year | WTI Average ($/barrel) | Notes |
|---|---|---|
| 2026 | ~$84 (Jan–Aug avg, provisional) | Hormuz spike, sharp reversal, then sustained re-escalation through Q3; exceptionally volatile year |
| 2025 | $65.76 | Gradual decline from 2024 highs |
| 2024 | $76.55 | Post-conflict stabilisation |
| 2023 | $77.62 | OPEC+ cuts supporting floor |
| 2022 | $94.53 | Russia-Ukraine war supply shock |
| 2021 | $68.07 | Post-COVID demand recovery |
| 2020 | $39.17 | COVID demand collapse; briefly negative |
What Is Driving Crude Oil Prices
The dominant driver of the crude oil price remains the Strait of Hormuz situation, which as of early September was six months into the conflict. The waterway, which normally carries around 20% of global crude flows, remained severely restricted rather than fully closed: US officials claimed daily convoys of 30-40 escorted ships moving up to 18 million barrels of oil, while independent ship-tracking data from Kpler and Lloyd’s List put actual daily transits at roughly 12-13 vessels, a fraction of the pre-war baseline of around 100 ships daily.
Iran maintains it retains control and will only permit pre-approved vessels through designated channels, and had reported tankers disabled by mines on routes it calls illegal; Saudi Arabia separately accused Iran of a tanker attack that killed two crew.
Freight costs affecting Russian crude exports continue adding pressure across the broader crude complex. Ukrainian strikes on Russian Black Sea shipping and domestic refineries kept Novorossiysk export volumes constrained, with September loading schedules trimmed roughly 4% versus August, a dynamic covered in more detail on OGSN’s Urals oil price page.
The relationship between WTI, Brent, and Urals has shifted again: the WTI-Brent spread has widened to -$11.14, the Urals quote has moved above both benchmarks, and Dubai’s premium to both has grown, though the Urals and Dubai figures are 3-day-delayed physical quotes that may overstate the gaps. According to the IEA Oil Market Report, global oil demand growth projections for the second half of 2026 remain sensitive to how durable the current elevated pricing proves to be.
Crude Oil Price Storage Economics
This page’s forward curve data cannot be kept current from the same benchmark feed used elsewhere on this page, since it requires futures strip pricing (specific forward-month contract levels) rather than front-month spot prices. Whether the market is currently in backwardation or contango should be checked directly against ICE’s Brent Crude Futures product page rather than inferred from spot price movement alone.
This matters directly for storage economics: in backwardation, storing crude oil is commercially unattractive, since traders locking in a forward sale receive less than spot. In contango, as seen during the 2020 storage boom, future prices exceed spot and traders profit from storing product. For crude oil storage operators, knowing which structure currently applies is essential and cannot be reliably inferred from spot price movement alone.
The same applies to tank terminal operators weighing whether to commit capacity to storage or throughput.
The oil storage terminal sector’s 2020 experience, filling every available barrel of capacity during a historic contango, remains the clearest illustration of how quickly crude storage economics can reverse if the forward curve shifts. Operators should monitor the Brent 3-to-6 month spread on ICE directly.
Crude Oil Price by Region
The crude oil price varies by grade, sulphur content, and delivery location. Middle East benchmarks are covered in more depth on OGSN’s Middle East oil price page.
| Region | Benchmark | Price ($/barrel) | Notes |
|---|---|---|---|
| North America | WTI (Cushing, OK) | $91.11 | Light sweet; NYMEX benchmark |
| North America | Louisiana Light Sweet | $102.02 | Gulf Coast; trading $10.91 above WTI |
| Europe / Global | Brent (ICE) | $102.25 | Global benchmark; North Sea |
| Russia / FSU | Urals | $105.55 | Now above both WTI (+$14.44) and Brent (+$3.30), a 3-day delayed quote — see Urals page for detail |
| Middle East | Dubai | $113.71 | Now $22.60 above WTI and $11.46 above Brent |
Crude Oil Price in Currency
| Currency | Price per Barrel | Exchange Rate Used |
|---|---|---|
| US Dollar (USD) | $91.11 | Benchmark |
| Euro (EUR) | €80.92 | 0.88821 |
| British Pound (GBP) | £68.80 | 0.75514 |
| Japanese Yen (JPY) | ¥14,382.62 | 157.86 |
| Chinese Yuan (CNY) | ¥611.01 | 6.7063 |
| Indian Rupee (INR) | ₹8,767.70 | 96.232 |
Exchange rates are mid-market rates as at 4 October 2026. Figures rounded to two decimal places.
Crude Oil Price Per Barrel, Litre and Metric Tonne
| Unit | WTI Price | Notes |
|---|---|---|
| Per barrel (bbl) | $91.11 | Standard benchmark unit; 1 barrel = 158.987 litres |
| Per litre | $0.573 | $91.11 ÷ 158.987 |
| Per US gallon | $2.169 | $91.11 ÷ 42 gallons per barrel |
| Per metric tonne | $663.28 | Based on WTI density ~7.28 bbl/tonne |
| Per cubic metre | $573.06 | 1 cubic metre = 6.2898 barrels |
Crude Oil Price Outlook
The EIA Short-Term Energy Outlook had projected WTI crude oil to average between $75 and $85 per barrel in the second half of 2026, contingent on a sustained resolution to the Strait of Hormuz disruption. WTI at $91.11 still sits above that range, having climbed through it during August and held above it into October as the disruption remained unresolved in the latest shipping reports, while Brent at $102.25 sits well above it.
Wood Mackenzie and S&P Global Commodity Insights have both flagged Chinese demand weakness as a structural headwind, though it has not been enough to offset the sustained geopolitical risk premium through Q3. For a current read on market structure, the forward curve should be checked directly against ICE or CME data rather than a figure quoted here.
For tank terminal operators, the Urals quote’s move above both benchmarks and Dubai’s widening premium point toward benchmark relationships continuing to shift month to month, even as the absolute price level remains well above the EIA’s central case. A fresh forward curve read would clarify whether current pricing reflects a genuine structural shift or a market still finding its level.
What is the current crude oil price?
Crude oil prices fluctuate daily based on benchmark trading on major exchanges including NYMEX and ICE. This page is updated monthly with the latest available benchmark data for WTI and Brent crude. For real-time prices, refer to CME Group or ICE directly.
What is driving crude oil prices?
Crude oil prices are primarily driven by OPEC+ production decisions, global demand growth (particularly from China and India), geopolitical events affecting major supply routes, and US shale production levels. Supply disruptions in key transit chokepoints such as the Strait of Hormuz have historically caused sharp short-term price spikes.
What is the difference between WTI and Brent crude oil?
WTI (West Texas Intermediate) is a light, sweet crude oil produced in the United States and traded on NYMEX, with Cushing, Oklahoma as its delivery point. Brent is a blend of North Sea crude oils traded on ICE and serves as the global benchmark for approximately two-thirds of the world’s oil pricing. Brent typically trades at a slight premium to WTI due to its waterborne delivery advantage and global reference status.
How does crude oil price affect tank terminal storage demand?
When crude oil markets move into contango — where future prices exceed spot prices — storing crude becomes commercially attractive, driving demand for tank terminal capacity as traders buy spot and sell forward contracts to capture the spread. In backwardation, immediate delivery commands a premium and the financial incentive to store disappears. Terminal operators and traders monitor the forward curve closely when making ullage decisions.
What is the crude oil price in different currencies?
Crude oil is benchmarked in US dollars globally, but terminal operators and buyers across Europe, the Middle East, and Asia transact in local currencies. This page includes a currency conversion table covering EUR, GBP, JPY, AED, CNY, and INR, updated monthly from mid-market exchange rates.
What is the crude oil price per litre and metric tonne?
Crude oil is most commonly quoted per barrel, but also trades in litres, gallons, metric tonnes, and cubic metres depending on region and transaction type. This page includes a unit conversion table covering all major units — all calculated from the current WTI benchmark price.
How current is the price data on this page?
Price data on this page is updated monthly. Figures reflect the most recent available benchmark data from the EIA, ICE, and major exchange sources. For real-time tick data, refer directly to CME Group or ICE.