Crude Oil Price Today: Brent at $104.54, WTI at $95.15 in Post-Market Trade on 15 October 2026

Brent-WTI spread: approximately $9.39 per barrel. 

A consistent set of post-Indian-close intraday high and low figures was not available from the same live reference source, so those values have not been mixed in from a different timestamp or methodology. 

What Happened to Brent and WTI Today? 

Oil prices weakened during the earlier part of Thursday's session as markets weighed two opposing sets of supply factors. 

On one side, attacks involving vessels around the Strait of Hormuz maintained concerns about the security of a key global oil-shipping corridor. 

On the other, reports indicated that US authorities were considering measures that could ease sanctions on some vessels involved in transporting petroleum, with the aim of reducing elevated shipping costs. 

Earlier in the session, Brent had fallen to around $104.30 and WTI to approximately $94.03. By the post-Indian-market snapshot, WTI had recovered towards its previous reference level, while Brent remained lower. 

Supply data also contributed to the day's backdrop. Reported American Petroleum Institute figures showed US crude inventories falling by 11.1 million barrels in the week ended 9 October. 

Official US Energy Information Administration inventory figures had not yet been released at the time of this article, with publication scheduled for later in the global session. 

Separate supply data indicated that Russian crude production increased by around 65,000 barrels per day in September to 8.43 million bpd, while crude exports from Gulf producers also recovered from earlier disruption. 

These factors illustrate why crude prices can react simultaneously to physical supply risks, inventory information and changes in the amount of oil reaching the global market.

What Is the Difference Between Brent and WTI? 

Brent is an internationally used crude benchmark linked primarily to the North Sea market, while West Texas Intermediate, or WTI, is the principal US crude benchmark associated with delivery at Cushing, Oklahoma. 

Differences in geography, crude characteristics, transportation constraints and regional supply-demand conditions can create a price spread between the two. 

At the 15 October post-market snapshot, Brent was about $9.39 per barrel above WTI.

Why Do Crude Prices Matter for India? 

India's Import Bill 

India relies substantially on imported crude oil. 

For an unchanged volume of imports, a higher dollar-denominated crude price raises the gross value of imported oil, while a lower price reduces it. The rupee-dollar exchange rate determines how those dollar costs translate into rupees. 

Inflation 

Crude oil is linked to a wide range of refined fuels and industrial products. 

Changes in crude and product prices can transmit through petrol, diesel, aviation fuel, freight, petrochemicals and other production inputs. The final consumer-price impact also depends on refining, taxes, product pricing and currency movements. 

Airlines and Logistics 

Fuel is a significant operating expense for airlines and many transport businesses. 

Changes in aviation turbine fuel and diesel costs can therefore affect operating expenses, although the eventual financial effect also depends on hedging, pricing, utilisation and the ability to pass costs through to customers. 

Paints, Chemicals and Manufacturing 

Crude oil and natural gas feed into numerous petrochemical intermediates used in paints, plastics, synthetic materials, chemicals and packaging. 

Changes in feedstock prices can therefore alter raw-material costs and working-capital requirements across these industries. 

Refiners and Oil-Marketing Companies 

For refiners, the impact of crude-price movements cannot be assessed from the input price alone. 

Refining margins depend on the difference between crude acquisition costs and the value of products such as petrol, diesel and aviation fuel. Inventory gains or losses and domestic product-pricing mechanisms can also affect reported performance. 

Upstream Oil Producers 

Revenue for crude-producing companies can be linked, directly or indirectly, to international benchmark prices. 

Changes in realised prices can therefore affect revenue per barrel, alongside production volumes, quality differentials, taxes and contractual arrangements. 

Rupee and External Balance 

Oil imports require foreign currency payments. 

A higher oil-import bill can increase demand for dollars and raise the petroleum component of India's merchandise import bill. The eventual impact on the current account depends on other imports, exports, services flows and capital movements.