Crude Oil
In other words, crude oil is the fossil fuel which exists in the fuel form in reservoirs or underground pools. It can be found in tiny spaces within sedimentary rocks or near the surface of tar sands. Petroleum products are oils made from hydrocarbons and crude fuel contained in natural gas. Apart from crude oil, petroleum products can also be made out of natural gas, coal and biomass.
Mainly crude oil means a mixture of hydrocarbons which exist in the liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities.
Products Manufactured from Crude Oil
Once the crude oil is removed from the ground, it will be sent to the refinery. In a refinery, different parts of the crude oil will be separated into petroleum products. The list of petroleum products includes – diesel fuel, gasoline, heating oil, petrochemical feedstocks, jet fuel, waxes, asphalt, and lubricating oils.
Types of Crude Oil
The oil industry characterizes crude oil based on its geographical source. There are four types of crude oil. They are
Class A: Light, Volatile Oils
Class B: Non–Sticky Oils
Class C: Heavy, Sticky Oils
Class D: Nonfluid Oils
What is WTI?
The West Texas Intermediate or WTI crude oil is a specific grade of fuel and one of the main three benchmarks used for oil pricing apart from Brent and Dubai Crude. The West Texas Intermediate is known as a light sweet oil as it contains around 0.34% sulfur making it sweet and light. It also has a low density or specific gravity hence WTI is light.
Apart from this, WTI is the underlying commodity of the New York Mercantile Exchange’s (NYMEX) oil futures contract. This crude oil is regarded as a high-quality oil which can be easily refined.
It is refined mainly from inland Texas and is one of the highest quality oil available in the globe, which is easy to refine as well. It is often compared with the crude benchmark – Brent. Brent is two-thirds of the globe’s oil contracts based on oil extracted from the North Sea.
The West Texas Intermediate is the underlying commodity for the New York Mercantile Exchange’s oil futures contract.
WTI as Benchmark in Oil Markets
The West Texas Intermediate (WTI) is used as one of the benchmarks in the oil markets apart from Brent and Dubai crude. The importance of a benchmark in the oil industry serves as a reference price for buyers and sellers of crude oil. These benchmarks are often quoted in the news as the price of the oil. Usually, there will be a difference between the prices of Brent and WTI and this will be referred to as the Brent-WTI spread.
What is WTI Crude Futures?
The West Texas Intermediate (WTI), is the US produced light sweet crude oil blend. It provides direct crude oil exposure and is the most efficient way to trade oil in the global markets.
WTI or the West Texas Intermediate is the main oil benchmark for North America as it is sourced from the Permian Basin located in the U.S. This oil mainly comes from the Texas region. Later it travels through pipelines and gets refined in the Midwest of the Gulf of Mexico. The main delivery place for physical exchange and price settlement for WTI in Cushing, Oklahoma.
Both the WTI and Brent contain sulfur content, the lower the sulfur content in oil, the easier it is to refine, making it more attractive. WTI has 0.34% sulfur content; Brent has 0.37% of sulfur content. WTI is best for gasoline and Brent is ideal for diesel.
Ideally, WTI crude should trade at a premium price when compared with Brent crude, due to its high quality, but that is not the case always. Two crude oil varieties can trade at a similar price in the oil markets, each one has its particular unique demand and supply market and hence its price reflects its sole market fundamentals.
Since the shale boom in the United States of America, the production of the WTI shot up, hence the price has declined. WTI usually trades at a depreciated value to Brent. Apart from this, transporting WTI overseas to Brent’s crude markets could come at a cost which will make WTI unable to wrestle with Brent in terms of pricing.
Latest Updates on Crude Oil
Crude Oil Price On 25-September-2026 Holds at $105.67; Uncertainty Due to Geopolitical Risks
The crude oil price today stands at $105.67 per barrel, equivalent to ₹10,155.12, showing a decline from yesterday's $107.01. Over the past ten days, prices have ranged from a low of $98.45 on 22/09/2026 to a high of $109.30 on 15/09/2026, indicating a fluctuating market facing significant geopolitical pressures.
Recent market shifts have been affected by a potential US-Iran truce, creating a delicate balance amid escalating tensions in the Middle East. A Houthi missile attack on Saudi Arabia has reignited security concerns, threatening supply stability in the region and influencing the global oil price.
Reports suggest that US negotiators are exploring avenues for a phased resolution to the ongoing conflict, which includes discussions on reopening the Strait of Hormuz. Nevertheless, analysts believe that the risk of supply disruptions remains high, complicating the outlook for crude oil pricing.
Major financial institutions like JPMorgan are struggling to predict price trajectories due to the surging uncertainty. They revealed a lack of visibility regarding market direction, voicing concerns that increasing conflict risks could exacerbate existing supply shocks and disrupt oil supply chains significantly.
Goldman Sachs has projected that, should hostilities escalate, oil prices could soar to as much as $120 per barrel. In contrast, if exports normalize, they anticipate prices reverting towards $80 per barrel, reflecting the volatility currently permeating the market.
Oil is traded globally in U.S.
dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 25 September 2026
Crude Oil Price On 24-September-2026 Holds at $102.04; Supply Concerns Rise
As of September 24, 2026, the crude oil price today is $102.04 per barrel, translating to approximately ₹9,798.84 based on the current dollar to INR exchange rate of 96. This reflects a decrease from yesterday's price of $103.15 per barrel. Over the last ten days, prices peaked at $105.53 per barrel on September 16, while the lowest was $98.45 on September 22.
The fluctuations in crude oil prices are significantly influenced by geopolitics and production levels. Recent tensions surrounding Iran and the ongoing conflict with the United States have led to uncertainty in the market. As Iran remains open to dialogue but firm on its demands, investors are watching closely for any changes in diplomatic relations.
Saudi Arabia's operations also play a critical role. The recent restart of the East-West Pipeline, previously shut down due to drone attacks, signals increased oil flow from the region. Additionally, Iraq's oil exports are on the rise, with expectations of increased capacity through Turkish routes, helping to alleviate some supply concerns.
Market analysts express caution regarding future price movements. JPMorgan indicates a significant level of uncertainty surrounding oil prices, lacking a clear baseline scenario as geopolitical tensions escalate. Recent events further complicate forecasting, with potential disruptions implying higher prices.
Goldman Sachs predicts that if shipping risks in the Middle East intensify, crude oil prices could soar to $120 per barrel.
However, if conditions stabilize, a movement back towards $80 is anticipated. The variability in the global oil market is a significant factor affecting oil futures and overall economic stability.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 24 September 2026
Crude Oil Price On 23-September-2026 Holds at $98.15; Supply Concerns Rise
The crude oil price today stands at $98.15 per barrel, translating to approximately ₹9,426.40 based on a dollar to INR rate of 96. This reflects a slight drop from yesterday’s price of $98.45 per barrel. Over the last ten days, the highest price was $109.30 per barrel on 15 September 2026, while the lowest was $98.15 on the current date.
Global crude oil prices have seen fluctuations primarily due to geopolitical tensions and supply chain disruptions. The potential resumption of Saudi Arabian oil flows through the East-West Pipeline has created market optimism, yet uncertainty looms due to the ongoing US-Iran war. Analysts express that the market is at a pivotal point with expectations of increased volatility ahead.
Market analysts also suggest that the recent end of negotiations around the Iran conflict could lead to significant shifts in oil supply. While the US and Iran explore diplomatic avenues, the potential for renewed supplies from Iraq and Saudi Arabia weighs heavily on the oil futures market.
With tensions in the Middle East escalating, firms like JPMorgan have expressed challenges in predicting future price trends. The uncertainty surrounding supply stability and the potential for military actions in the region are increasingly defining the market landscape.
Inflation, combined with fluctuating interest rates, is influencing demand for crude oil.
Goldman Sachs has indicated that a scenario involving intensified attacks on vessels could see oil prices spike up to $120 per barrel, while a return to normalcy might bring prices closer to $80.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 23 September 2026
Crude Oil Price On 22-September-2026 Holds at $101.25; Russia Sanctions Impacting Purchases
On 22-September-2026, the crude oil price today stands at $101.25 per barrel, which translates to approximately ₹9,743.96. This marks an increase from yesterday's price of $100.34. Over the past ten days, prices peaked at $109.30 and fell to a low of $100.34.
Recent developments indicate a tightening in crude oil supply chains, particularly for Indian refiners who have heavily relied on Russian imports. The geopolitical climate, influenced by sanctions and market fluctuations, is compelling buyers to seek alternatives. The potential for reduced Russian shipments looms as the U.S. imposes tariffs on key buyers.
Current discussions suggest that India may limit its Russian crude imports to 20-30% of total purchases, seeking more stable and economically viable options. However, sourcing equivalent volumes from other suppliers, like those in the Middle East, may prove significantly more costly.
The situation is complicated by ongoing geopolitical tensions, particularly in the Strait of Hormuz, where oil flow disruption can exacerbate market conditions and pricing. Increased demands from India’s new refinery expansions are pushing purchases towards record highs, further complicating the crude oil landscape.
Investors are closely monitoring the U.S. government's approach to sanctions on energy buyers. With possible additional tariffs looming, India’s purchasing strategies will evolve based on the need to balance costs against available crude oil sources.
Oil is traded globally in U.S.
dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 22 September 2026
Crude Oil Price On 21-September-2026 Holds at $101.61; Supply Risks Rise Amid Tensions
The crude oil price today is $101.61 per barrel, which is approximately ₹9,746.56 when converted at the current dollar rate of 96. This reflects a decrease from yesterday’s price, which was slightly above $103.19. The highest recorded price in the last ten days was $109.30 on 15/09/2026, while the lowest was $101.09 on 09/09/2026.
Recent trends indicate a drop in oil prices, primarily attributed to hopes of recovering Saudi Arabian shipments despite ongoing threats from Houthi militants. Tensions in the Middle East remain high, especially with recent attacks on Saudi Aramco facilities amplifying fears of supply disruptions.
Saudi Arabia's oil exports surged to over 4 million barrels per day in September, recovering from a low of 2.4 million bpd in August. Analysts report that this ongoing crisis, particularly the assaults on the East-West pipeline, has unexpectedly bolstered oil flows, which averaged 17.1 million bpd recently.
Concerns persist over the geopolitical landscape, as analysts predict that escalating conflicts could lead to significant supply shocks. Wall Street experts, including JPMorgan, emphasized the uncertainty surrounding oil price forecasts, noting their inability to set a baseline estimate for the market.
Goldman Sachs has warned that further disruptions could lead to oil prices soaring as high as $120 per barrel.
On the other hand, if normal exports resume, prices might retreat towards $80, reflecting the volatile nature of the current market driven by geopolitical tensions.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 21 September 2026
Crude Oil Price On 18-September-2026 Holds at $103.92; Supply Concerns Persist
The crude oil price today stands at $103.92 per barrel, reflecting a decrease from $104.76 on September 17, 2026. In Indian Rupees, this translates to approximately ₹9,966.62 per barrel at a dollar rate of 96. This price marks a significant drop from recent highs, with the maximum price in the past ten days being $109.30 on September 15, 2026, and the lowest at $97.06 on September 8, 2026.
Current global crude oil price trends are heavily influenced by ongoing tensions in the Middle East. The recent violence between Saudi Arabia and Yemen’s Houthis has raised alarms about potential supply disruptions. The market is wary, looking beyond threats while adapting to evolving geopolitical dynamics.
Economic forecasts are mixed, with analysts from Goldman Sachs projecting that prices could rise to $120 per barrel if supply disruptions continue. Contrarily, a return to normal export levels could see prices fall back toward $80. Market participants are adjusting their strategies based on these insights.
The RBI outlook remains cautiously optimistic, even as they monitor these fluctuations closely. Supply shocks in crude oil and natural gas are increasingly significant, emphasizing the need for preparedness against potential market shifts.
Investor sentiments are influenced by the prospect of further geopolitical conflicts and the implications of OPEC+ production strategies.
The recent increase in forecasts suggests that volatility may persist if the conflict escalates.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 18 September 2026
Crude Oil Price On 17-September-2026 Holds at $105.85; Supply Concerns Drive Prices
As of 17-September-2026, the global crude oil price today is $105.85 per barrel, making it approximately ₹10,152.60 based on the current dollar to INR rate of 96. This marks a slight increase from yesterday's price of $105.53 per barrel. Over the last ten days, the highest price recorded was $109.30 on 15/09/2026 and the lowest was $95.85 on 05/09/2026.
Currently, crude oil prices are being influenced by various global factors. Notably, supply concerns stemming from geopolitical tensions in the Middle East and supply disruption reports from Saudi Arabia have pushed oil prices upward. The ongoing military actions and oil flow restrictions have heightened the risks associated with shipping in this critical region.
Goldman Sachs recently highlighted the potential for oil prices to spike to $120 per barrel if disruptions continue. The uncertainty surrounding the Strait of Hormuz and ongoing U.S.-Iran tensions are key catalysts affecting the market stability. A prolonged disruption could add $7 to $8 per barrel to Brent prices monthly.
Market analysts have revised their forecasts, with Citi projecting a Brent price of $86 per barrel for Q3 2026, while ANZ analysts predict prices could reach $95 per barrel in the short term if the region's conflict escalates. This situation emphasizes the important interplay between oil supply disruptions and price movements.
In addition to geopolitical influences, economic indicators like the GDP outlook, inflation forecasts, and central bank policies are increasingly affecting oil prices.
As inflation persists and interest rate movements are anticipated, the crude oil market remains on edge.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 17 September 2026
Crude Oil Price On 16-September-2026 Holds at $108.07; Supply Disruptions Impacting Costs
The current crude oil price today stands at $108.07 per barrel, equivalent to ₹10,372.72, reflecting a slight decrease from the previous day's price of $109.30. Over the last ten days, the highest price reached was $109.30 on 15/09/2026, while the lowest was $95.63 on 04/09/2026.
The cost of shipping US crude to Asia has skyrocketed due to escalating disruptions in Middle East energy flows. For instance, hiring a very large crude carrier from the US Gulf Coast to China recently surged to record highs, exacerbating the freight cost for crude oil trade.
Recent geopolitical developments, including the closure of Saudi Arabia's East-West pipeline, have intensified the urgency for Asian buyers to secure alternative supply sources. This has resulted in increasing freight charges but lower prices for US crude relative to grades from the UAE, thus allowing buyers to offset some shipping costs.
The surge in tanker costs illustrates the broader impact of the ongoing Middle East conflict, as fewer vessels are willing to travel through risk-prone areas, constraining availability. This has led to a reorientation of global oil trade routes towards US supplies, as they have become more favorable for Asia amidst regional instabilities.
In addition to geopolitical factors, strong fuel demand continues to pressure the crude oil market, bolstered by refiners' competition for limited crude supplies.
The need to process crude into high-demand products fuels ongoing sourcing incentives, even as transportation costs rise.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 16 September 2026
Crude Oil Price On 15-September-2026 Holds at $107.32; Supply Concerns Rise
The current crude oil price today stands at $107.32 per barrel, equivalent to approximately ₹10,303.07, marking an increase from yesterday's price of $106.01. This spike is attributed to ongoing geopolitical tensions affecting supply, particularly following recent attacks on Saudi Arabia's energy infrastructure.
Over the past ten days, crude oil prices have demonstrated notable volatility. The highest recorded price was $107.38 per barrel on September 10, while the lowest was $95.52 per barrel on September 3. These fluctuations reflect rising concerns over supply disruptions amid escalating conflicts in the Middle East.
Global oil prices are being significantly impacted by the uncertainty surrounding the Iranian-backed Houthi attacks on Saudi energy sites. As Saudi Arabia is the world’s leading oil exporter, any disruption to its supply chain can severely affect global oil prices and shipping routes. Analysts are speculating that if conflicts escalate, prices may increase sharply.
Market analysts, including those from Goldman Sachs, suggest a potential rise to as high as $120 per barrel if further disruptions occur. Conversely, should exports stabilize, prices might revert to around $80 per barrel. This balance of risk is crucial for investors navigating the current oil futures market.
In light of these developments, expectations surrounding interest rates and inflation are crucial.
Supply shocks in natural gas and refined products have been identified as larger than those currently impacting crude oil. The longer these disruptions continue, the more likelihood there is for increased prices in Brent crude.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 15 September 2026
Crude Oil Price On 14-September-2026 Holds at $107.58; Middle East Conflict Worsens
As of September 14, 2026, the global crude oil price stands at $107.58 per barrel. This translates to approximately ₹10,321.68, reflecting a notable increase from yesterday's price of $104.46. In the last ten days, prices fluctuated, with the highest recorded at $107.58 and the lowest at $95.52 on September 2.
The dynamics of the crude oil market are being heavily influenced by geopolitical tensions, particularly in the Middle East. As conflicts escalate, specifically the situation involving Yemen's Houthis and the Bab el-Mandeb strait, crude oil prices are experiencing significant pressure.
Oil loading from the Persian Gulf is facing substantial discounts while crudes outside the region reap higher premiums. For instance, Iraq's Basrah Medium crude is offered at $43.06 less than the regional benchmark, highlighting the financial impact of shipping risks related to conflict zones.
Conversely, crudes that avoid these choke points are commanding premiums as supply chains re-adjust. For example, Australia's Pyrenees crude has soared to $138.04, reflecting a remarkable 96% increase since the onset of the conflict.
Additionally, macroeconomic conditions, including inflation expectations and interest rate predictions, are shaping the outlook. With a stable GDP forecast, analysts suggest physical market adjustments in response to changing freight costs and energy demand.
Oil is traded globally in U.S.
dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 14 September 2026
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