Current Global Crude Oil Prices
Approximate live/most recent benchmark prices:
-
Brent Crude: ~$68.5 – $70.7 per barrel — recently trading near multi-month highs on geopolitical risk and supply balance.
-
WTI Crude: ~$64.5 – $65.5 per barrel — supported by tight sentiment and similar market dynamics.
💡 These figures are indicative prices around the latest trading session and may update throughout the global market day.
📊 What’s Driving Prices Now
Geopolitical Tensions
-
Oil is trading near its highest levels in months partly because of renewed tensions in the Middle East, especially with heightened U.S.–Iran rhetoric, adding a risk premium to crude pricing.
-
OPEC+ is expected to hold production steady, preventing additional supply that could otherwise weigh on oil prices.
Supply & Demand Balance
-
Analysts see a global oversupply trend keeping a baseline value around $60/barrel even as short-term price swings occur.
-
U.S. crude inventories recently declined, which can support prices in the short term.
🌍 Why This Matters
-
Fuel costs: International crude prices feed into petrol/diesel pricing globally and in India.
-
Inflation & trade balance: Higher crude increases energy costs and import bills; lower crude eases inflation.
-
Market volatility: Geopolitical risk can cause sudden spikes or dips in oil price.