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 17-July-2026 Holds at $85.05; Geopolitical Tensions Rise
The crude oil price today stands at $85.05 per barrel, equivalent to ₹8,169.80. This reflects a rise from yesterday’s price of $84.26 per barrel. Over the last week, the oil market has shown significant volatility, with the highest price recorded at $85.28 on July 17, 2026, and the lowest at $71.94 on July 6, 2026.
Recent increases in crude oil prices are largely driven by heightened geopolitical tensions, particularly the escalating conflict between the U.S. and Iran. The ongoing military actions have raised concerns about supply disruptions, especially through critical oil transport routes like the Strait of Hormuz.
The recovery of Brent crude has been notable, rallying nearly 12% in the past week. Predictions from investment analysts suggest that if geopolitical tensions persist, prices might surge further, potentially exceeding $110 per barrel in the fourth quarter. However, fears of an over-supplied market could push prices down to the $60s if conflict eases.
Inflationary pressures are also influencing oil prices, with production forecasts showing potential fluctuations in output levels. The Global GDP outlook remains cautiously optimistic, but investors are closely watching for any changes in U.S. Federal Reserve interest rate policies that could affect oil demand.
The International Energy Agency has labeled oil security a critical issue moving forward, especially if the situation in the Gulf region deteriorates.
Any strikes on major export infrastructure could elevate crude oil prices, recalibrating expectations across global markets.
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 July 2026
Crude Oil Price Today Holds at $84.74; Supply Concerns Amid Geopolitical Tensions
The crude oil price today is $84.74 per barrel, which is approximately ₹8,145.84, reflecting a rise compared to yesterday's price of $84.39. Crude oil prices remain sensitive to geopolitical events, particularly ongoing tensions in the Middle East, which continue to impact supply stability.
Over the past ten days, crude oil prices have shown significant volatility, reaching a high of $84.74 today and a low of $76.01 on July 11, 2026. This fluctuation underscores the market's susceptibility to external factors driving price changes.
The outlook for crude oil prices remains precarious, with increased windfall taxes on diesel and aviation fuel by the Indian government reflecting the pressure from rising global prices. The market anticipates that tensions, particularly around oil transportation routes and conflicts, will keep price expectations elevated.
According to analysts, Goldman Sachs predicts Brent crude could soar to $110 per barrel in the fourth quarter if supply constraints persist. Conversely, they caution that easing geopolitical tensions could result in prices trending down toward the $60 range by year-end as production stabilizes.
Global economic indicators, including GDP forecasts and rising inflation, may also play a vital role in influencing crude oil prices. For instance, the interactions between U.S. Federal Reserve policies and inflation expectations will be critical in determining future oil price movements.
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 July 2026
Crude Oil Price On 15-July-2026 Holds at $85.53; Geopolitical Risks Rise
Today, the crude oil price stands at $85.53 per barrel, translating to approximately ₹8,199.08, reflecting an increase from yesterday’s price of $84.35. This rise is primarily attributed to heightened geopolitical tensions in the Middle East.
Over the past ten days, crude oil prices have fluctuated, achieving a high of $85.53 on 15/07/2026 and a low of $75.86 on 10/07/2026. These price movements are largely influenced by conflicts affecting oil supply routes.
The ongoing military conflict involving Iran has significantly raised concerns about oil supply disruptions. Recent U.S. actions and Iranian responses have underscored the escalation, affecting crude oil price trends globally.
Analysts highlight that the U.S. midterm elections are adding pressure to maintain lower oil prices. However, the conflict's escalation could see Brent crude prices testing $90 if supply chain disruptions increase. The geopolitical risk premium is re-emerging as a significant factor influencing prices.
With the Strait of Hormuz being a critical point for global oil shipments, any extended closure could threaten up to 20 million barrels per day. Analysts warn that, under such scenarios, prices could potentially climb to unprecedented levels between $110 and $150 per barrel.
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 July 2026
Crude Oil Price Today Holds at $84.69; Geopolitical Tensions Drive Prices Higher
The current crude oil price today stands at $84.69 per barrel, equivalent to approximately ₹8,133.30 when converted using the dollar to INR rate of 96. This marks a notable increase from yesterday's closing price of $83.29 per barrel. Over the past ten days, prices have fluctuated, reaching a low of $71.41 on July 1 and peaking at $84.98 on July 14.
The escalation of tensions between the United States and Iran has significantly impacted global oil prices. As military actions intensify, concerns over energy supply security contribute to heightened geopolitical risk. With oil prices reaching their highest points since mid-June, traders are increasingly responding to the uncertain conditions in the Strait of Hormuz, a crucial passage for oil shipment.
Market analysts suggest that if these hostilities continue, oil prices could test higher levels, possibly between $85 and $90 per barrel. A prolonged closure of the Strait of Hormuz could drastically impact approximately 20 million barrels per day of crude flows, further increasing prices to levels between $110 and $150 per barrel.
Amid rising crude oil prices, the GDP outlook remains in focus. Many experts are cautiously optimistic about global economic growth, although the risk of inflation remains a concern. The Reserve Bank of India's stance on monetary policy could influence domestic demand for energy, thus impacting crude oil consumption moving forward.
Additionally, OPEC+ decisions in response to supply constraints will further dictate market dynamics.
The latest reports suggest ongoing mediation efforts led by Qatar, indicating that while the conflict appears to be contained, there’s still potential for disruption in oil shipments—a significant factor for price movements.
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 July 2026
Crude Oil Price On 13-July-2026 Holds at $79.09; OPEC+ Tensions Rise
As of July 13, 2026, the crude oil price today stands at $79.09 per barrel, equivalent to 7,586.64 INR. This price reflects a notable increase from yesterday's price of $76.01 per barrel. Over the past 10 days, crude oil prices have fluctuated, reaching a high of $78.35 on July 8, 2026, and a low of $71.41 on July 1, 2026.
The recent surge in crude oil prices can be attributed to escalating geopolitical tensions, particularly in the Strait of Hormuz, where Iranian military actions have raised concerns over energy shipment security. These developments have introduced volatility into global oil price forecasts, affecting both oil futures and supply stability.
Current forecasts point to a significant impact on the global economy, with analysts noting that continued instability could threaten the supply of nearly 20 million barrels per day. This disruption in oil flows is likely to increase crude oil prices considerably, possibly pushing them to range between $110 and $150 per barrel.
The International Energy Agency has reported an increase in global oil supply, yet production remains substantially below pre-war levels, highlighting that market recovery efforts are under strain. The ongoing negotiations between the U.S. and Iran, which seek a peaceful resolution to these tensions, are now clouded by uncertainty.
Lastly, the potential for further interest rate changes by central banks and inflation expectations could significantly influence future crude oil price trends.
Stakeholders should monitor these factors closely as they develop, which could alter the price landscape considerably.
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.
⏱ 13 July 2026
Crude Oil Price On 09-July-2026 Holds at $78.87; Geopolitical Tensions Drive Upward
The crude oil price today stands at $78.87 per barrel, which translates to approximately ₹7,569.72 with the current dollar to INR rate of 96. This reflects a rise from yesterday's price of $78.35 per barrel. Over the last ten days, crude oil reached a high of $78.87 on this date and a low of $71.41 on 01/07/2026.
Recent geopolitical tensions have propelled oil prices upwards, particularly following U.S. President Donald Trump's announcement that the ceasefire negotiations with Iran are over. This revelation has reawakened fears regarding potential disruptions in crude oil supply from the Middle East.
These fears are exacerbated by U.S. sanctions on Iranian crude sales and military actions in the region, prompting speculation among analysts about oil price trends. Many believe that the market may stabilize closer to the $80 mark per barrel rather than dipping back towards $70.
Market participants are increasingly concerned about shipping disruptions, especially through the crucial Strait of Hormuz. This route previously supported roughly one-fifth of the global energy supply. Experts warn that it will take time for operations to return to pre-conflict norms, affecting global oil inventories.
Saudi Aramco's chief executive has indicated that prolonged disruptions could have severe ramifications, potentially affecting approximately 100 million barrels of oil supply weekly.
Such forecasts add to the uncertainty surrounding future oil prices, impacting traders and market movements.
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.
⏱ 9 July 2026
Crude Oil Price On 08-July-2026 Holds at $76.08; Global Tensions Influence Trends
Today, crude oil price stands at $76.08 per barrel, equivalent to approximately ₹7,221.60. This reflects an increase from yesterday's price of $74.12 per barrel. Over the last ten days, prices fluctuated, reaching a high of $75.54 on 25/06/2026 and a low of $71.41 on 01/07/2026.
Recent airstrikes by the United States on Iran have sparked concerns regarding stability in the Middle East. These tensions threaten crude oil supplies, contributing to rising prices globally. The geopolitical climate continues to weigh heavily on market sentiment, particularly affecting oil-sensitive stocks.
Global economic factors play a significant role in shaping crude oil prices. Analysts note OPEC+ decisions, ongoing inflationary pressures, and the RBI's policy outlook as pivotal influences. The expectation that upcoming interest rate changes may further impact oil demand adds to the atmosphere of uncertainty.
As supply disruptions remain a pressing issue, traders are closely monitoring inventory levels. The protracted nature of disruptions in critical regions like the Strait of Hormuz further complicates the return to a balanced global oil supply, highlighting vulnerable areas of international shipping.
Experts suggest that the recovery of normal operations in the Strait is unlikely to be swift, requiring logistics coordination, infrastructure repairs, and regulatory agreements. This ongoing volatility in oil futures reflects a consensus on constrained global supply until additional crude becomes available.
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.
⏱ 8 July 2026
Crude Oil Price On 07-July-2026 Holds at $72.45; OPEC+ Cuts Drive Trends
The crude oil price today stands at $72.45 per barrel, equivalent to ₹6,894.75 when converted at the current dollar rate of ₹95. A notable decrease from yesterday’s price of $71.94, crude oil has maintained a stable position for the past few days, significantly impacted by Saudi Arabia's recent decision to reduce oil prices for Asia.
In the last 10 days, the highest recorded price was $75.54 per barrel on 24/06/2026, while the lowest was $71.41 on 01/07/2026. This fluctuation reflects ongoing geopolitical developments, including tensions in the Strait of Hormuz and the strategic moves by OPEC+ member nations.
Current economic conditions indicate that the GDP forecast remains optimistic despite global uncertainties. The Indian rupee recently gained strength against the dollar, reaching 95.28, which supports local crude oil pricing and reflects improved market sentiment following decreases in geopolitical risks.
Furthermore, fluctuations in the dollar index, presently aligning at 100.86, suggest shifts in forex dynamics while affecting crude oil price stability globally. The recent increases in Brent crude, now at $72.45 per barrel, illustrate the tug-of-war between supply dynamics and emerging security concerns.
Market analysts predict continued interest rate adjustments, influenced by inflation expectations and fiscal policies worldwide. The demand remains consistent, as evidenced by Indian companies’ recent tender activity for significant crude volumes, indicating robust purchasing power amid changing global oil landscapes.
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.
⏱ 7 July 2026
Crude Oil Price On 06-July-2026 Holds at $71.71; Moderate Improvement in Fiscal Outlook
The current price of crude oil is $71.71 per barrel, which translates to approximately ₹6,813.45 when using the dollar-to-INR rate of 95. This represents a moderate adjustment from yesterday's price of $72.12 per barrel. In the last 10 days, crude oil prices have fluctuated, with a high of $76.74 on 23/06/2026 and a low of $71.41 on 01/07/2026.
The easing tensions in West Asia have positively impacted global crude oil prices, leading to improved forecasts for India's fiscal position. Experts now predict a smaller slippage from the fiscal deficit target of 4.3% of GDP for 2026-27, influenced by the recent decline in energy costs which reduces government subsidies.
The rebound of oil prices to pre-conflict levels of around $73 per barrel reflects the stabilization of global oil supplies. Future supply improvements are anticipated as Iranian oil exports normalize and UAE and Venezuelan production increases. This potentially offers a buffer against rising demand for replenishing depleted stockpiles.
Despite these positive developments, concerns persist regarding fiscal consolidation, as subsidy pressures and the possible impact of El Niño loom. Though the recent declines in crude prices support maneuverability on excise duties, economists express caution about guarantees of sustaining these fiscal benefits.
Furthermore, projections indicate possible fiscal slippage.
Analysts suggest the deficit could exceed budget expectations by 0.3% of GDP due to excise duty adjustments and increased subsidy spending, albeit offset by better non-tax revenues and potential GDP growth improvements.
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.
⏱ 6 July 2026
Crude Oil Price On 03-July-2026 Holds at $72.26; OPEC+ Decisions Impacting Trends
The crude oil price today is $72.26 per barrel, equating to approximately ₹6,882.70. This represents an increase from yesterday's price of $71.52. Over the past ten days, crude oil prices fluctuated, with the highest point recorded at $77.11 on 22/06/2026 and the lowest at $71.41 on 01/07/2026.
Current trends in crude oil prices remain influenced by various global factors. Speculation surrounding OPEC+ policies continues as geopolitical tensions and supply-demand dynamics play significant roles. The recent decline in oil prices is attributed to discussions between Iran and the U.S. that have fostered an environment of optimism.
India's Petroleum and Natural Gas Minister, Hardeep Puri, has indicated that if international prices remain low, potential reductions in petrol and diesel prices in India could occur. Presently, state-run oil companies are still processing crude bought at elevated prices earlier this year, which limits immediate price adjustments.
The Indian economy's growth forecast is cautiously optimistic, with GDP forecasts weighing the potential impact of international crude prices. Analysts suggest that the Reserve Bank of India (RBI) may consider interest rate adjustments as inflation remains a crucial factor in future fiscal policy.
To bolster energy security, discussions are underway to expand India's crude oil storage capacity. Increasing storage will mitigate vulnerabilities tied to fluctuations in global oil prices, enabling better preparedness against potential market disruptions.
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.
⏱ 3 July 2026
Click it and Unblock the Notifications
Sign in with Google