LemonTradesBrent crude oil
The price of Brent, the world’s main oil benchmark, with WTI, today’s range, the news moving oil and the reports coming up.
- WTI crude
- $98.07 +0.37%
- Brent–WTI spread
- $11.97
- Today’s high
- $110.16
- Today’s low
- $109.73
- Per gallon
- $2.620
- Per liter
- $0.692
Futures prices, delayed about 10 minutes. Brent trades from Sunday evening to Friday afternoon (New York time), with a short daily break.
The chart fills in as the desk logs prices.
What’s moving oil today
- 8:38 PMAttack on Saudi Arabia's King Fahd airport kills one, injures eight
An attack on King Fahd airport in Saudi Arabia killed one person and injured eight, Al Jazeera reports. No details yet on the attacker or method.
- 8:32 PMIRGC shifts to 'offensive' doctrine, vows invasion amid Iran war
Al Jazeera's Iran war live coverage reports the IRGC has vowed invasion as its defence doctrine turns 'offensive', signalling a potential escalation beyond defensive operations.
- 4:04 PMUS reportedly preparing ordered departure from Gulf embassies
The US State Department is prepared to issue an ordered departure at US embassies in the Gulf, investingLive reports. No official confirmation or timing is given.
- 2:12 PMUS sanctions target Iran 'shadow fleet' law firm and shippers
The US has imposed new sanctions on Iran's 'shadow fleet' oil trade, targeting a law firm and shipping companies, Bloomberg reports.
- 12:16 PMRussia says it is ready to resume peace talks with Ukraine, US
Russia says it is ready to resume talks with Ukraine and the US to end the war. This follows Trump pressing Ukraine to strike a peace deal.
Coming up for oil
US inventory reports and other releases that move oil in the next week.
Nothing big on the calendar for the next week yet.
What is Brent crude?
Brent is a light, sweet crude oil from the North Sea, and the benchmark most of the world’s oil is priced against. When the news says “oil prices”, it usually means Brent. The Brent price is set by a basket of North Sea crudes (Brent, Forties, Oseberg, Ekofisk and Troll), plus US WTI Midland since 2023.
Brent vs WTI
WTI (West Texas Intermediate) is the US benchmark, delivered in Cushing, Oklahoma. Both are high-quality crudes, but Brent is priced at sea, where it can be shipped anywhere, so it usually trades a few dollars above WTI. That gap is the Brent–WTI spread shown above.
What moves the oil price
- OPEC+ decisions on how much oil to pump.
- Inventories: the API report on Tuesdays at 4:30 PM ET and the EIA report on Wednesdays at 10:30 AM ET show whether US stocks of crude rose or fell.
- Supply shocks: conflict in the Middle East, attacks on shipping in the Strait of Hormuz or the Red Sea, sanctions on Russia or Iran, and hurricanes in the Gulf of Mexico.
- Demand: growth in China and the US, and the summer driving season.
- The dollar: oil is priced in dollars, so a stronger dollar usually weighs on it.
For how the contracts behind this price work, see Brent futures explained.
Questions
Is this the price of Brent futures?
Yes. The Brent price quoted almost everywhere is the front-month Brent futures contract, the one that expires next. This page shows that contract, delayed about 10 minutes.
How many gallons are in a barrel of oil?
42 US gallons, or about 159 liters. The per-gallon and per-liter prices above divide the barrel price by those numbers.
Is this what I pay at the pump?
No. Gasoline prices also include refining, shipping, retail margins and taxes, so they follow crude with a delay of a few weeks and move less in percentage terms.
Why is Brent usually more expensive than WTI?
Brent is loaded onto tankers at sea and can go anywhere in the world, while WTI has to travel from inland Oklahoma by pipeline before it can be exported. That transport cost is a big part of the spread.
LemonTrades scores every headline for oil and tells you what moved it, and why: OPEC+ news, inventory reports, supply shocks and sharp price moves with the likely cause. Try LemonTrades free for 3 days, no card needed.
Market news and analysis, not financial advice. AI can misread a headline, so check the source before acting on anything important. Prices and news may be delayed.