Crude Oil Price Today: Brent Near $112.50 After Indian Market Close on 22 October 2026

The Brent-WTI spread has not been calculated because doing so would require pairing the post-market Brent quote with a WTI price from the same or a comparably timed international market window. 

Intraday high and low figures are also omitted because a consistent post-close ICE/CME dataset for both benchmarks was not independently retrievable.

What Happened to Brent and WTI Today? 

Oil prices rose as geopolitical tensions in the Middle East intensified. Reuters reported further Houthi attacks in Saudi Arabia, including attacks affecting a civilian airport and an oil field, which increased market attention on the risk of disruption in one of the world's major crude-exporting regions. 

The US also planned to withdraw family members from several missions in the region, according to the Reuters report. Such developments can increase the geopolitical risk premium embedded in crude prices because the Gulf is central to global oil production, exports and shipping routes. 

The move should therefore be understood through the supply-risk mechanism rather than as an indication of where crude prices will trade next. 

What Is the Difference Between Brent and WTI? 

Brent is the principal international crude benchmark used for pricing a large share of globally traded oil. WTI, or West Texas Intermediate, is the main US crude benchmark and is associated with delivery at Cushing, Oklahoma. 

Differences between Brent and WTI can reflect crude quality, regional supply-demand conditions, transport infrastructure, inventories and export economics. 

A current Brent-WTI spread is normally calculated by subtracting the WTI price from the Brent price. For 22 October, a reliable spread is not published here because an authoritative post-Indian-close WTI quote was not independently retrievable. 

Why Do Crude Prices Matter for India? 

India's Import Bill 

India imports most of the crude oil it consumes. If benchmark crude prices remain higher while import volumes and exchange rates are unchanged, the dollar value of purchasing the same quantity of imported crude increases. 

The actual import bill also depends on the Indian crude basket, freight, contract terms, refinery crude mix and the rupee-dollar exchange rate. 

Inflation 

Crude oil is an input into fuels, petrochemicals and several industrial products. Changes in crude costs can move through the economy via transport, freight, packaging and manufacturing inputs. 

The degree and timing of transmission depend on product prices, taxes, company margins and government pricing policies. 

Airlines and Logistics 

Aviation turbine fuel and diesel are significant operating costs for airlines, road transport and logistics businesses. 

Higher underlying crude costs can increase fuel-cost pressure if downstream fuel prices move in the same direction, while hedging and fuel-efficiency measures can alter the company-level impact. 

Paints, Chemicals and Manufacturing 

Several chemicals, solvents, polymers and other industrial raw materials are linked directly or indirectly to petroleum feedstocks. 

Changes in crude and refining-product prices can therefore alter raw-material costs, although the relationship varies by product and contract cycle. 

Refiners and Oil-Marketing Companies 

For refiners, crude represents the principal raw-material input, but business economics depend on the difference between crude acquisition costs and the value of refined products. 

For oil-marketing companies, the impact also depends on domestic retail pricing, refining and marketing margins, inventory effects and government policy. 

Upstream Oil Producers 

Oil producers typically have revenue exposure to crude benchmarks, although realised prices can differ because of crude quality, sales contracts, taxes, production-sharing arrangements and currency movements. 

A change in Brent does not translate one-for-one into company earnings. 

Rupee and External Balance 

Because international crude is largely traded in US dollars, India's oil imports generate demand for foreign currency. 

For a fixed import volume, higher dollar-denominated crude prices can increase the foreign-exchange requirement. The eventual effect on the trade balance or current account also depends on exports, other imports, capital flows and currency movements.