Crude Oil Price Today: Brent Rises to $108.15, WTI at $95.81 After Indian Market Close on September 28

Key Takeaways

• Brent crude was at $108.15 per barrel, up $3.83 or 3.67% from the previous settlement, in the latest post-Indian-market snapshot.
• WTI crude was at $95.81 per barrel, higher by $3.40 or 3.68% on the session.
• The contemporaneous Brent-WTI spread stood at $12.34 per barrel.
• International crude markets were still trading, so the September 28 figures are live post-market quotes rather than final ICE or NYMEX settlements.
• Oil prices advanced as the US-Iran diplomatic process remained unresolved and concerns around energy flows through the Strait of Hormuz persisted.

Crude oil prices traded higher after the Indian equity market closed on Monday, September 28, with Brent above $108 a barrel and US West Texas Intermediate near $96.

Brent was quoted at $108.15 per barrel, up $3.83 or 3.67% from the previous session's $104.32 settlement. WTI stood at $95.81, up $3.40 or 3.68% from its previous $92.41 settlement.

Brent and WTI Prices

Brent-WTI spread: $12.34 per barrel.

The contemporaneous market snapshot used for the table did not separately publish reliable session-high and session-low figures for both contracts. Those fields have therefore not been combined with earlier intraday datasets.

What Happened to Brent and WTI Today?

Oil extended its advance during September 28 trading as uncertainty around the US-Iran conflict and the Strait of Hormuz remained a major factor in the physical and futures markets.

Reuters reported that US President Donald Trump had rejected an Iranian peace proposal intended to resolve the conflict and reopen the Strait. Iran had said its proposal was transmitted to Washington through Qatari mediators. Trump subsequently indicated that further negotiations were expected during the week.

Earlier in the session, Brent had already risen to $107.75 a barrel by 05:40 GMT, up $3.43 or 3.29%, while WTI was at $94.55, up $2.14 or 2.32%. Prices subsequently moved higher into the post-Indian-market period.

The immediate mechanism is supply risk. The Strait of Hormuz is a major route for crude and petroleum-product exports from the Middle East. Actual or potential disruption to shipping can increase the risk premium embedded in crude prices even before physical supply volumes change.

Reports also indicated continued attacks involving Iran and the Houthis against Saudi Arabia, keeping attention on regional energy infrastructure and export routes.

What Is the Difference Between Brent and WTI?

Brent and WTI are the two principal global crude benchmarks.

Brent primarily reflects crude pricing linked to the North Sea and is widely used as a reference for international oil trade. WTI is the main US crude benchmark, with the NYMEX contract linked to physical delivery at Cushing, Oklahoma.

At the latest comparable September 28 quote, Brent's $108.15 price was $12.34 per barrel above WTI's $95.81.

The spread between the two benchmarks can reflect differences in regional supply and demand, transport constraints, crude quality, storage conditions and geopolitical exposure.

Why Do Crude Prices Matter for India?

India's Import Bill

India imports most of the crude oil it consumes. For an unchanged volume of imports and exchange rate, a higher dollar price per barrel directly raises the gross value of crude imports.

The eventual rupee cost also depends on USD/INR. A weaker rupee increases the domestic-currency cost of the same dollar-denominated barrel, while a stronger rupee has the opposite mechanical effect.

Inflation

Crude oil feeds into several parts of the economy through fuels, freight, petrochemicals and industrial inputs. The extent to which a change in international oil prices reaches consumer inflation depends on taxes, retail-price policy, refining margins, exchange rates and the duration of the price move.

Airlines and Logistics

Aviation turbine fuel and transport fuels represent meaningful operating costs for airlines and logistics companies. Changes in crude and refined-product prices can therefore affect fuel expenses, although the eventual financial effect also depends on hedging, pricing and the ability to pass costs through.

Paints, Chemicals and Manufacturing

Crude oil is an upstream input for a range of petrochemical derivatives, solvents, polymers and other industrial materials. Sustained changes in crude and product prices can alter raw-material costs across paints, chemicals, packaging and manufacturing supply chains.

Refiners and Oil-Marketing Companies

The relationship between crude prices and refinery economics is not one-to-one. Refiners purchase crude but sell multiple petroleum products, so margins depend on the spread between crude-input costs and realised product prices.

For oil-marketing companies, the effect also depends on domestic retail prices, taxes, marketing margins and any policy-related pricing mechanisms.

Upstream Oil Producers 

For crude producers, realised revenue is linked partly to benchmark oil prices and production volumes. The actual financial impact can differ from the headline Brent or WTI movement because of crude quality, contract pricing, taxes, royalties and hedging. 

Rupee and External Balance

Because crude imports are largely dollar-denominated, changes in oil prices can alter India's demand for foreign currency and the value of the merchandise import bill. The eventual impact on the current account depends on oil volumes as well as movements across India's other exports and imports.