Crude Oil Price Today: Brent Above $104, WTI Near $92 on 8 October 2026

Key Takeaways

• Brent crude futures were quoted at $104.09 per barrel in a reported October 8 market snapshot, representing a gain of approximately 3.9%. 
• West Texas Intermediate (WTI) crude futures were quoted at $91.60 per barrel in the same report, up approximately 3.7%. 
• The Brent-WTI spread stood at $12.49 per barrel using these two reported prices. 
• Shipping disruptions in the Middle East and storm-related production shutdowns in the US Gulf of Mexico were among the developments affecting crude markets. 
• The figures represent intraday international market quotes, not final ICE or CME settlement prices. The reporting source did not provide an exact quote timestamp, so the figures require timestamp verification before publication.

Crude Oil Prices Today — 8 October 2026 

International crude oil prices rose on Thursday, October 8, 2026, as markets assessed renewed shipping disruptions in the Middle East alongside production interruptions in the United States. 

Brent crude futures were reported at $104.09 per barrel, up approximately 3.9%, while WTI crude futures stood at $91.60 per barrel, gaining approximately 3.7%. 

Both benchmarks remained sensitive to developments affecting the availability and transportation of crude oil. The Strait of Hormuz remained an important focus because of its role in international petroleum shipments. 

The quoted prices are intraday readings and should not be interpreted as final international settlements.

Brent and WTI Crude Oil Prices

India's Import Bill

India imports a substantial proportion of the crude oil it consumes. 

Higher international crude prices increase the dollar value of imports when volumes, crude grades and other commercial terms remain unchanged. 

The actual effect on India's import bill depends on procurement arrangements, exchange rates and the composition of imported crude. 

Inflation 

Crude oil is an important input for transport fuels, petrochemicals and several industrial products. 

Changes in crude prices can affect production and distribution costs through fuel prices, freight charges and petroleum-derived raw materials. 

The extent and timing of transmission depend on taxation, retail pricing policies and commercial contracts. 

Airlines and Logistics 

Aviation turbine fuel is an important operating expense for airlines. 

Changes in crude oil and refined fuel prices can influence aviation fuel costs, although the effect depends on refining margins, taxes and airline procurement arrangements. 

Road transport and logistics businesses are similarly exposed to diesel costs. 

Paints, Chemicals and Manufacturing 

Several industrial sectors use petroleum-derived raw materials. 

Paint manufacturers consume inputs such as solvents and petrochemical derivatives, while chemical manufacturers use feedstocks whose prices can be linked to energy markets. 

Changes in input costs can affect procurement expenses and working-capital requirements. 

Refiners and Oil-Marketing Companies 

Refiners purchase crude oil and process it into products including petrol, diesel and aviation fuel. 

Their financial performance depends on the relationship between crude-input costs, refined-product prices, processing expenses and inventory valuations. 

Oil-marketing companies are also affected by domestic retail pricing arrangements and the timing of changes in procurement costs. 

Upstream Oil Producers 

Upstream oil companies produce and sell crude oil. 

Changes in international benchmarks can affect realised revenue, subject to production volumes, crude quality, pricing contracts, taxes and other applicable charges. 

Rupee and External Balance 

Crude oil imports create demand for foreign currency because international petroleum trade is predominantly denominated in US dollars. 

Changes in crude prices can influence India's import payments and current-account balance, depending on import volumes, exchange rates and other trade flows.