Crude Oil Price Today: Brent Slips to $95.08, WTI at $90.76 After Indian Market Close on September 4

Key Takeaways 

• Brent crude futures were at $95.08 per barrel in the latest post-Indian-market snapshot used for this article, down around 0.5%. 
• US West Texas Intermediate crude futures stood at $90.76 per barrel, down around 0.6%. 
• Both benchmarks had eased from earlier levels as the market reassessed immediate supply-disruption risks connected with US-Iran tensions. 
• International crude markets were still open after Indian equities had closed, so the Brent and WTI figures are post-market live quotes rather than the final September 4 international settlements. 
• Crude prices remain relevant for India through the import bill, inflation, the rupee and input costs across fuel-intensive industries. 

Crude Oil Price Today on September 4, 2026 

Crude-oil benchmarks eased after the Indian equity market closed on September 4, although prices remained around the elevated levels reached during a volatile week. 

Brent crude futures for November delivery stood at $95.08 per barrel, down approximately 0.5%, while US WTI futures for October delivery were at $90.76 per barrel, down approximately 0.6%. 

Source: MarketWatch. Prices checked at approximately 5:15 PM IST on September 4, 2026. 

The figures above were recorded after India's equity-market close. ICE Brent and NYMEX WTI were still trading at the time, so these should not be described as the final September 4 settlement prices. 

The final international settlements occur later than the Indian cash-market close. 

What Happened to Brent and WTI on September 4? 

Crude prices had traded at higher levels earlier in the day before giving back part of those gains. 

The market continued to assess supply risks associated with renewed tensions between the US and Iran and the potential implications for crude shipments through the Middle East. 

Later in the session, comments from US Vice President JD Vance indicating that there was no active shooting at that point reduced some of the immediate escalation premium embedded in oil prices. 

Source: MarketWatch, post-Indian-market update checked at approximately 5:15 PM IST on September 4, 2026. 

The resulting movement illustrates the distinction between the broader geopolitical risk surrounding crude supply and the market's assessment of the immediate probability of physical disruption. 

What Is the Difference Between Brent and WTI? 

Brent and WTI are separate crude-oil benchmarks and can trade at different prices. 

Brent is the principal international benchmark for a large share of globally traded crude and is particularly relevant for pricing oil flows linked to Europe, Africa and the Middle East. 

WTI, or West Texas Intermediate, is the principal US crude benchmark and is closely linked to the American physical and futures market. 

On September 4's post-Indian-market snapshot, Brent at $95.08 was trading approximately $4.32 per barrel above WTI at $90.76. 

For this daily article series, Brent will remain the primary headline benchmark, while WTI will always be included alongside it.

Why Do Crude Prices Matter for India? 

India imports a substantial proportion of the crude oil it consumes. Changes in international oil prices can therefore transmit into the economy through several channels. 

Impact on India's Import Bill 

If the international dollar price of crude rises while import volumes remain broadly unchanged, the value of India's crude-oil imports also increases. 

The eventual effect on the trade deficit depends on the quantity imported, the rupee-dollar exchange rate, petroleum-product exports and movements in other imports and exports. 

Impact on Inflation 

Crude oil affects the cost of fuels as well as transport, logistics and a range of petroleum-linked products. 

The degree to which international crude prices eventually feed into consumer inflation depends on domestic fuel prices, taxes, exchange rates and the extent to which businesses absorb or pass through input-cost changes. 

Airlines and Logistics 

Fuel represents a significant operating expense for airlines and transport businesses. 

Changes in crude prices can therefore affect their cost structure, although the eventual financial impact varies according to aviation-turbine-fuel prices, hedging arrangements, demand, freight or ticket pricing and other operating costs. 

Paints, Chemicals and Manufacturing 

A range of chemicals, polymers, paints and industrial materials use crude-linked derivatives as inputs. 

Changes in crude prices can alter input costs, but the relationship differs across products and companies depending on procurement contracts, inventories and pricing arrangements. 

Refiners and Oil-Marketing Companies 

For refiners and oil-marketing companies, the headline crude price is only one variable. 

Refining margins, product prices, inventory gains or losses, exchange rates, domestic fuel-pricing mechanisms and taxation can all influence the eventual financial outcome. 

Upstream Oil Producers 

Changes in international crude prices can affect realisations for oil producers. The eventual effect on earnings also depends on production volumes, operating costs, taxation and policy. 

What Does Crude Around $95 Mean for the Broader Market? 

Crude around $95 per barrel increases the relevance of India's oil-import dependence in assessments of the external balance, inflation and corporate input costs. 

However, the impact is not uniform across sectors or companies, and a single day's crude-oil movement does not establish the future direction of the Indian equity market.