Crude Oil Price Today: Live Brent & WTI Rates Per Barrel
Track real-time crude oil price today with accurate Brent crude and WTI crude oil spot prices. Updated every 5 minutes with market analysis, price converter, and oil price forecast 2026.
Crude Oil Price Today by Country
34Check crude oil price today in your local currency. Live Brent and WTI rates converted to USD, INR, GBP, EUR, CNY, JPY, and 28+ more currencies.
Crude Oil Price Converter: Barrel to Gallon & Liter
Instantly convert crude oil price per barrel to gallon, liter, metric ton, INR, or GBP.
Brent vs WTI Crude Oil: What's the Difference?
Understanding the difference between Brent crude oil price and WTI crude oil spot price is essential for commodity traders and energy investors.
| Feature | Brent Crude | WTI Crude |
|---|---|---|
| Origin | North Sea (Europe) | Cushing, Oklahoma (USA) |
| Type | Light Sweet Crude | Light Sweet Crude |
| Sulfur Content | 0.37% (Sweet) | 0.24% (Sweeter) |
| API Gravity | ~38 degrees | ~39.6 degrees |
| Primary Market | Europe, Africa, Middle East, Asia | Americas |
| Exchange | ICE (Intercontinental Exchange) | NYMEX (CME Group) |
| Current Price | $100.49/bbl | $94.68/bbl |
| Global Benchmark | ~80% of world oil | US domestic pricing |
Why Are Oil Prices So High in 2026?
The crude oil price today remains elevated due to geopolitical tensions, supply constraints, and resilient global demand.
1. Iran Conflict & Strait of Hormuz Closure
The ongoing war between the US and Iran has kept the Strait of Hormuz largely closed since late February 2026, disrupting approximately 20% of global crude oil shipments.
2. OPEC Production Policy
OPEC and its allies have maintained strict production quotas, limiting global supply even as demand recovers.
3. Strong Demand from China & India
Emerging industrial markets, particularly China and India, continue to drive global oil consumption higher.
4. US Dollar Fluctuations
Since crude oil is priced in US dollars, any weakness in the dollar makes oil cheaper for foreign buyers, increasing demand.
5. US Strategic Petroleum Reserve (SPR)
The US SPR has been drawn down significantly in recent years, reducing the buffer available for emergency supply shocks.
Crude Oil Price History: From $147 to Today
Tracking historical crude oil prices helps investors understand market cycles and identify long-term trends.
| Period | Brent Price | WTI Price | Key Event |
|---|---|---|---|
| July 2008 | $147.50 | $145.31 | All-time high before financial crisis |
| April 2020 | $25.57 | -$37.63 | COVID demand collapse |
| March 2022 | $128.00 | $123.70 | Russia-Ukraine war impact |
| Dec 2025 | $57.97 | $54.00 | Pre-conflict baseline |
| May 2026 | $100.49 | $94.68 | US-Iran war, Hormuz closed |
Did you know? The highest ever crude oil price per barrel was $147.50 for Brent in July 2008. Analysts forecast Brent could reach $124.51 within 12 months if Middle East tensions persist.
How Crude Oil Prices Translate to Gasoline Prices
Many consumers wonder: "If oil prices drop, why don't gas prices fall immediately?" The answer lies in the "rockets and feathers" phenomenon.
The "Rockets and Feathers" Effect
When crude oil prices rise, gasoline prices shoot up like a rocket — often within days. However, when crude oil prices fall, gasoline prices drift down slowly like a feather.
- Refining costs remain fixed regardless of crude price fluctuations
- Taxes (federal, state, and local) make up 15-25% of pump price
- Distribution and marketing costs are relatively stable
- Retail markup helps stations manage inventory bought at higher prices
Currently, with Brent at $100.49 per barrel, the theoretical gasoline price component from crude is approximately $2.39 per gallon before refining, taxes, and retail margins.
Oil Price Forecast 2026: What Analysts Predict
Based on macro models from Trading Economics and analyst consensus:
| Benchmark | Q2 2026 Forecast | 12-Month Forecast | Upside Risk |
|---|---|---|---|
| Brent Crude | $110.71/bbl | $124.51/bbl | Iran escalation |
| WTI Crude | $104.69/bbl | $119.76/bbl | SPR release |
These forecasts assume the Strait of Hormuz remains partially constrained and OPEC maintains current production cuts.
Related: Track Gold Price Today for commodity market correlation, explore Global Market News, or use our Stock Profit Calculator for energy sector investments.
Frequently Asked Questions About Crude Oil Prices
Data Sources & Methodology
Our live crude oil price tracker aggregates data from multiple authoritative sources:
- U.S. Energy Information Administration (EIA) — Official US government energy statistics and WTI spot prices
- Trading Economics — Global macro data and commodity CFD tracking
- MarketWatch & Investing.com — Real-time futures market data from ICE and NYMEX
- FRED (Federal Reserve Bank of St. Louis) — Historical WTI crude oil spot price series
- Fortune & WSJ — Market analysis and geopolitical context
Prices are updated every 5 minutes during market hours. All data is for informational purposes only and should not be considered financial advice.
Crude Oil Price Today: Live Brent & WTI Rates Per Barrel
Track real-time crude oil price today with accurate Brent crude and WTI crude oil spot prices. Updated every 5 minutes with market analysis, price converter, and oil price forecast 2026.
Crude Oil Price Today by Country
34Check crude oil price today in your local currency. Live Brent and WTI rates converted to USD, INR, GBP, EUR, CNY, JPY, and 28+ more currencies.
Crude Oil Price Converter: Barrel to Gallon & Liter
Instantly convert crude oil price per barrel to gallon, liter, metric ton, INR, or GBP.
Brent vs WTI Crude Oil: What's the Difference?
Understanding the difference between Brent crude oil price and WTI crude oil spot price is essential for commodity traders and energy investors.
| Feature | Brent Crude | WTI Crude |
|---|---|---|
| Origin | North Sea (Europe) | Cushing, Oklahoma (USA) |
| Type | Light Sweet Crude | Light Sweet Crude |
| Sulfur Content | 0.37% (Sweet) | 0.24% (Sweeter) |
| API Gravity | ~38 degrees | ~39.6 degrees |
| Primary Market | Europe, Africa, Middle East, Asia | Americas |
| Exchange | ICE (Intercontinental Exchange) | NYMEX (CME Group) |
| Current Price | $100.49/bbl | $94.68/bbl |
| Global Benchmark | ~80% of world oil | US domestic pricing |
Why Are Oil Prices So High in 2026?
The crude oil price today remains elevated due to geopolitical tensions, supply constraints, and resilient global demand.
1. Iran Conflict & Strait of Hormuz Closure
The ongoing war between the US and Iran has kept the Strait of Hormuz largely closed since late February 2026, disrupting approximately 20% of global crude oil shipments.
2. OPEC Production Policy
OPEC and its allies have maintained strict production quotas, limiting global supply even as demand recovers.
3. Strong Demand from China & India
Emerging industrial markets, particularly China and India, continue to drive global oil consumption higher.
4. US Dollar Fluctuations
Since crude oil is priced in US dollars, any weakness in the dollar makes oil cheaper for foreign buyers, increasing demand.
5. US Strategic Petroleum Reserve (SPR)
The US SPR has been drawn down significantly in recent years, reducing the buffer available for emergency supply shocks.
Crude Oil Price History: From $147 to Today
Tracking historical crude oil prices helps investors understand market cycles and identify long-term trends.
| Period | Brent Price | WTI Price | Key Event |
|---|---|---|---|
| July 2008 | $147.50 | $145.31 | All-time high before financial crisis |
| April 2020 | $25.57 | -$37.63 | COVID demand collapse |
| March 2022 | $128.00 | $123.70 | Russia-Ukraine war impact |
| Dec 2025 | $57.97 | $54.00 | Pre-conflict baseline |
| May 2026 | $100.49 | $94.68 | US-Iran war, Hormuz closed |
Did you know? The highest ever crude oil price per barrel was $147.50 for Brent in July 2008. Analysts forecast Brent could reach $124.51 within 12 months if Middle East tensions persist.
How Crude Oil Prices Translate to Gasoline Prices
Many consumers wonder: "If oil prices drop, why don't gas prices fall immediately?" The answer lies in the "rockets and feathers" phenomenon.
The "Rockets and Feathers" Effect
When crude oil prices rise, gasoline prices shoot up like a rocket — often within days. However, when crude oil prices fall, gasoline prices drift down slowly like a feather.
- Refining costs remain fixed regardless of crude price fluctuations
- Taxes (federal, state, and local) make up 15-25% of pump price
- Distribution and marketing costs are relatively stable
- Retail markup helps stations manage inventory bought at higher prices
Currently, with Brent at $100.49 per barrel, the theoretical gasoline price component from crude is approximately $2.39 per gallon before refining, taxes, and retail margins.
Oil Price Forecast 2026: What Analysts Predict
Based on macro models from Trading Economics and analyst consensus:
| Benchmark | Q2 2026 Forecast | 12-Month Forecast | Upside Risk |
|---|---|---|---|
| Brent Crude | $110.71/bbl | $124.51/bbl | Iran escalation |
| WTI Crude | $104.69/bbl | $119.76/bbl | SPR release |
These forecasts assume the Strait of Hormuz remains partially constrained and OPEC maintains current production cuts.
Related: Track Gold Price Today for commodity market correlation, explore Global Market News, or use our Stock Profit Calculator for energy sector investments.
Frequently Asked Questions About Crude Oil Prices
Data Sources & Methodology
Our live crude oil price tracker aggregates data from multiple authoritative sources:
- U.S. Energy Information Administration (EIA) — Official US government energy statistics and WTI spot prices
- Trading Economics — Global macro data and commodity CFD tracking
- MarketWatch & Investing.com — Real-time futures market data from ICE and NYMEX
- FRED (Federal Reserve Bank of St. Louis) — Historical WTI crude oil spot price series
- Fortune & WSJ — Market analysis and geopolitical context
Prices are updated every 5 minutes during market hours. All data is for informational purposes only and should not be considered financial advice.