WTI crude settled at $112.43 per barrel on April 24, 2026, down $1.18 from the prior session close. Brent crude settled at $116.78 per barrel, down $0.94. Both benchmarks remained more than 60% above year-ago levels as the eighth week of the Persian Gulf supply disruption ground on.
The modest pullback came on lighter volume than the early-April volatility peaks, with traders weighing reports of incremental progress on Pakistan-mediated talks against confirmation from CENTCOM that the naval posture in the strait would remain unchanged. The forward curve continued to signal backwardation through year-end 2026.
AAA's daily fuel gauge reported the U.S. retail gasoline average at $4.476 per gallon, up 1.4 cents from the prior day. California remained above $6, with five other states above $5: Alaska, Hawaii, Illinois, Nevada, and Oregon. Texas remained one of the cheapest pump markets at $4.01.
On the inventory side, the EIA's Weekly Petroleum Status Report (data for week ending April 17) showed U.S. commercial crude oil inventories fell by 3.7 million barrels to 460.6 million, slightly more than consensus. Gasoline inventories drew 2.8 million barrels; distillate inventories rose 0.4 million. The Strategic Petroleum Reserve fell 7.4 million barrels to 397.5 million.
The Baker Hughes North American Rig Count released on Friday April 23 showed U.S. operators continuing capital discipline, with the count rising just 2 to 543 — modestly off year-ago levels despite WTI trading well above $100 per barrel. Operators continued to prioritize free-cash-flow generation over aggressive production expansion.
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