Crude Oil Price Today: Brent Near $105.55, WTI at $97.25 on November 3

Key Takeaways

• Brent crude was reported at $105.55 per barrel on November 3, approximately $0.78 or 0.74% above the previous settlement of $104.77.
• US West Texas Intermediate (WTI) was quoted at $97.25 per barrel, up $0.79 or approximately 0.82% from Monday's settlement of $96.46.
• The Brent–WTI spread stood at $8.30 per barrel using the two reported prices.
• Both benchmarks recovered part of their previous session's losses as markets assessed developments surrounding the US–Iran conflict and diplomatic negotiations.
• The figures represent reported intraday international futures quotations, not final ICE or NYMEX settlements.

Crude Oil Prices on November 3, 2026

International crude oil prices recovered modestly on Tuesday, November 3, following substantial declines in the previous session.

Brent crude futures were reported at $105.55 per barrel, compared with Monday's settlement of $104.77. This represented an increase of $0.78, or approximately 0.74%.

WTI crude futures were quoted at $97.25 per barrel, compared with their previous settlement of $96.46, representing an increase of $0.79, or approximately 0.82%.

Both benchmarks remained below the levels recorded before Monday's sharp decline.

Brent and WTI Crude Oil Price Comparison

Source: Financial Times, international oil-market reporting dated November 3, 2026. Exact quotation time was not independently established. These figures are not final settlements.

Intraday high and low figures have been omitted because a consistent, timestamp-matched dataset could not be verified.

What Happened to Brent and WTI Today?

Crude oil markets experienced significant price movements across the first two trading sessions of November.

On Monday, November 2, Brent settled at $104.77 per barrel after declining $8.66, or 7.63%.

WTI settled at $96.46 per barrel after a decline of approximately 7.4%.

The movements followed developments surrounding diplomatic efforts to end the conflict involving Iran.

Reports indicated that Iranian President Masoud Pezeshkian had discussed progress towards negotiations with the United States.

However, reports of further US military activity involving Iran's Qeshm Island introduced additional uncertainty surrounding shipping and energy infrastructure near the Strait of Hormuz.

The Strait of Hormuz is a strategically important maritime route for international oil shipments.

Disruptions to commercial shipping can affect tanker availability, freight costs, delivery schedules and the perceived risk of supply interruptions.

Tuesday's partial price recovery occurred as markets continued assessing the implications of both diplomatic and military developments.

What Is the Difference Between Brent and WTI?

Brent and WTI are two widely followed international crude oil benchmarks.

Brent is a major reference for oil traded across international markets, including crude sourced from Europe, Africa and parts of the Middle East.

WTI is a US crude oil benchmark associated with production and pricing in North America.

Differences in crude quality, transportation infrastructure, delivery locations and regional market conditions contribute to the price difference between the benchmarks.

At the reported November 3 quotations, Brent traded at a premium of $8.30 per barrel over WTI.

Why Do Crude Oil Prices Matter for India?

India's Import Bill

India relies heavily on imported crude oil to meet domestic petroleum requirements.

For unchanged import quantities, higher dollar-denominated crude prices increase the value of imported oil. Lower prices have the opposite arithmetic effect.

The eventual rupee cost also depends on exchange rates, freight charges, crude grade and procurement terms.

Inflation

Crude oil is a major input in petroleum products, transportation and several industrial processes.

Changes in crude costs can affect petrol, diesel, aviation turbine fuel, freight and petrochemical production costs.

The extent and timing of transmission to consumer prices depend on retail pricing mechanisms, taxes, inventories and commercial arrangements.

Airlines and Logistics

Aviation turbine fuel is an important operating expense for airlines.

Changes in international crude prices can influence aviation fuel procurement costs, subject to refining economics and domestic fuel pricing.

Road transportation businesses are similarly exposed to diesel costs through fleet operations and freight contracts.

These cost mechanisms do not establish a particular direction for the share prices of airline or logistics companies.

Paints, Chemicals and Manufacturing

Crude oil and natural gas derivatives are important inputs in paints, packaging, plastics, synthetic materials and chemical manufacturing.

Changes in petroleum feedstock prices can affect production costs, input inventories and procurement requirements.

The ultimate financial impact depends on pricing contracts, raw-material mixes, inventory turnover and the ability to pass through costs.

Refiners and Oil-Marketing Companies

Refineries process crude oil into petroleum products such as petrol, diesel and aviation fuel.

Their economics depend on the difference between crude acquisition costs and the value of refined products, alongside operating expenses.

Therefore, movements in crude prices must be assessed together with refining margins, product prices, inventories and domestic retail pricing.

Upstream Oil Producers

Companies involved in crude oil exploration and production generally receive revenue linked to realised crude prices and production volumes.

However, realised prices may differ from Brent and WTI benchmarks because of contractual terms, crude quality and other adjustments.

Rupee and External Balance

Crude oil imports are largely priced in US dollars.

For a given import volume and exchange rate, higher international crude prices increase the dollar value of oil imports.

Changes in the import bill can influence India's merchandise trade deficit and current-account position, alongside movements in other trade and income components.