Crude Oil Price Today: Brent at $97.35, WTI at $90.32 on 9 November 2026

Key Takeaways

• January Brent crude was quoted at $97.35 per barrel at 3:30 PM IST, down $0.97, or approximately 0.99%, from Friday's $98.32 settlement.
• December WTI was at $90.32 per barrel, down $0.51, or approximately 0.56%, from its previous $90.83 settlement.
• The Brent-WTI spread stood at approximately $7.03 per barrel.
• These were live international futures quotes at the Indian cash-market close, not final ICE or NYMEX settlements.
• Oil prices had been pressured during Monday's session after US President Donald Trump played down the likelihood of renewed attacks on Iran, although shipping incidents near the Strait of Hormuz kept supply-risk considerations in focus.

Introduction

Crude oil prices traded lower on 9 November 2026, with Brent and WTI both below their previous official settlements as the Indian equity market completed its session.

January Brent crude was quoted at $97.35 per barrel, compared with its 6 November settlement of $98.32. That represents a decline of $0.97, or approximately 0.99%.

December WTI stood at $90.32 per barrel, compared with the previous settlement of $90.83, a decline of $0.51, or approximately 0.56%.

The resulting Brent premium over WTI was approximately $7.03 per barrel.

Brent and WTI Prices

Brent-WTI spread: $7.03 per barrel.

The final international settlement prices were not yet available at this point in the trading day.

What Happened to Brent and WTI Today?

Crude prices moved lower during Monday's international session as markets reassessed geopolitical risk surrounding Iran.

Reuters reported earlier in the session that President Donald Trump had said renewed US strikes on Iran were highly unlikely as long as negotiations to end the conflict continued. The remarks reduced some immediate concern around additional military escalation.

However, the geopolitical backdrop remained relevant. Reports of attacks on vessels in or near the Strait of Hormuz kept attention on the security of a major global oil-shipping route.

Reuters also reported estimates of a global oil surplus as recovering Middle Eastern flows and production elsewhere exceeded consumption, adding another supply-demand factor for the market to assess.

These factors help explain the day's price movement but do not determine how crude prices will move in subsequent sessions.

What Is the Difference Between Brent and WTI?

Brent and WTI are two major crude-oil benchmarks.

Brent represents light, sweet crude associated with the North Sea and is widely used as a reference for internationally traded crude. WTI is the principal US crude benchmark and the NYMEX contract is closely connected with the physical US oil market.

At 3:30 PM IST on 9 November, Brent's premium over WTI was approximately:

$97.35 − $90.32 = $7.03 per barrel.

The spread can vary with regional supply, transport constraints, storage conditions, crude quality and geopolitical factors.

Why Do Crude Prices Matter for India?

India's Import Bill

India imports most of the crude oil it consumes.

If international crude prices increase while import volumes and exchange rates remain unchanged, the dollar value of those imports rises. Lower benchmark prices have the opposite arithmetic effect.

The eventual import bill also depends on the crude grades purchased, freight, contract terms and the rupee-dollar exchange rate.

Inflation

Crude oil feeds into several parts of the economy, including transport fuels, freight, petrochemicals and industrial inputs.

The extent and timing of transmission to consumer prices depend on refining costs, taxes, retail pricing and broader supply-chain conditions.

Airlines and Logistics

Aviation turbine fuel and diesel are important operating-cost components for airlines, logistics businesses and other transport-intensive industries.

Changes in crude prices can therefore alter the underlying fuel-cost environment, but the final financial impact also depends on product prices, hedging, efficiency and the ability to pass costs through to customers.

Paints, Chemicals and Manufacturing

A range of chemicals, solvents, polymers and other industrial inputs are linked directly or indirectly to petroleum feedstocks.

Movements in crude and refined-product prices can consequently change raw-material costs and working-capital requirements for companies using these inputs.

Refiners and Oil-Marketing Companies

For refiners, crude oil is the principal feedstock. Financial outcomes depend not only on the purchase price of crude but also on the prices realised for petrol, diesel and other refined products.

The difference between crude-input costs and product realisations is an important part of refining economics.

Upstream Oil Producers

For companies producing crude oil, benchmark prices help determine the value of production, subject to the grade of crude, contractual adjustments, taxes and other fiscal terms.

A change in Brent or WTI therefore affects the benchmark environment for upstream revenue without automatically determining a company's earnings.

Rupee and External Balance

Crude imports are generally settled in foreign currency. A larger dollar-denominated oil bill can increase demand for foreign currency and affect India's merchandise trade balance and current-account arithmetic.

The actual currency impact depends on numerous other capital and trade flows and cannot be inferred from crude prices alone.