Oil Prices Today

Live crude oil prices for WTI, Brent, and 150+ global benchmarks updated every 5 minutes via API. OPEC blends, U.S. regional crudes, Canadian heavy, refined products, natural gas, coal, marine fuels, and international grades from 13 producing nations.

Live Benchmark prices update every 5 minutes via OilPriceAPI during market hours.

Benchmarks marked LIVE update every 5 min via OilPriceAPI. Regional and OPEC blends are reference data with varying delays.

Brent-WTI Spread

—

global vs U.S.

Curve Shape

BACKWARDATED

through Dec 2026

Weekly Crude

−9.13M bbl

EIA draw

OPEC+ Stance

+206K bpd

April increase

Risk Premium

~$15-25/bbl

Hormuz driven

WTI is on track for a roughly 10% weekly gain as the Strait of Hormuz crisis stretches into its eleventh week. WTI traded above $103.5 Friday morning; Brent near $106.9. Both benchmarks remain up more than 60% year-over-year. Trump warned Iran Thursday to reach a deal or face “annihilation” following his Beijing summit with Xi Jinping, where both leaders agreed Hormuz must remain open and Iran cannot have a nuclear weapon.

The supply picture remains structurally tight. The IEA reports crude and fuel flows through Hormuz fell ~4 million bpd in March and April, with severe undersupply likely through October even if the conflict resolves sooner. The EIA confirmed U.S. commercial crude inventories fell 4.3M barrels for the week ending May 8 to 452.9M — nearly 2x consensus. Refinery utilization rose to 91.7%. SPR drew 8.6M barrels to 384.1M, the lowest level since October 2024. Gasoline inventories fell 4.1M barrels; distillate inventories posted their first weekly build since March (+0.19M).

The structural OPEC picture has shifted. The EIA’s May STEO incorporates the UAE’s departure from OPEC effective May 1, cutting OPEC’s 2027 spare capacity forecast to 2.5M bpd from 3.8M prior — less buffer to respond to future shocks. EIA assesses Iraq, Saudi Arabia, Kuwait, the UAE, Qatar, and Bahrain collectively shut in 10.5M bpd of crude oil production in April, peaking near 10.8M bpd in May. Saudi Arabia informed OPEC its output fell to the lowest level since 1990. Brent averaged $117/bbl in April with a peak of $138 on April 7. This page tracks WTI, Brent, and 150+ global benchmarks updated every five minutes via API. See also geopolitics · Baker Hughes rig count · full markets.

Methodology: qualitative read of near-term price drivers based on the day’s reporting and data releases. Not a quantitative forecast model, price target, or trading recommendation. Editorial · Updated daily

Editorial assessment for informational purposes only. Not investment advice.

Brent vs. WTI: The Two Benchmarks That Price the World

Brent crude and West Texas Intermediate (WTI) are the two dominant pricing benchmarks for global oil. Brent, based on North Sea production, prices approximately 75% of internationally traded crude. WTI, delivered at Cushing, Oklahoma, is the primary U.S. benchmark. Brent typically trades at a premium to WTI because it reflects seaborne crude costs including shipping. The Brent-WTI spread normally ranges $2-5 but can widen dramatically during supply disruptions — during the Hormuz crisis, it exceeded $25 as Brent surged on international supply fears while U.S. production insulated WTI.

Light Sweet vs. Heavy Sour Crude

Crude oil varies in density (API gravity) and sulfur content. Light sweet crude (API >31°, sulfur <0.5%) flows easily and yields more gasoline and diesel with simpler refining — WTI (39.6° API) and Brent (38°) are both light sweet. Heavy sour crude (API <22°, sulfur >1%) requires complex, expensive refining but trades at a discount — Canadian Western Select (20.5° API, 3.5% sulfur) typically trades $15-25 below WTI. This discount reflects the additional refining cost. Gulf Coast refineries are specifically designed to process heavy sour crude, making them natural buyers of Canadian, Venezuelan, and Middle Eastern heavy grades.

How to Read Oil Prices

Benchmark vs. Regional: Major benchmarks (WTI, Brent) are traded on exchanges with deep liquidity and transparent pricing. Regional blends (e.g., Mars, LLS, WCS) are priced as differentials to the nearest benchmark. Spot vs. Futures: Spot prices are for immediate delivery; futures prices are for delivery at a specific future date. Our LIVE prices show front-month futures. Spreads: The difference between two prices (e.g., Brent-WTI) reflects logistics, quality, and regional supply-demand. Widening spreads often signal market stress.

Frequently Asked Questions

What is WTI crude oil?

West Texas Intermediate (WTI) is the primary U.S. crude oil benchmark, delivered at the Cushing, Oklahoma storage hub. It is a light sweet crude (39.6° API gravity, 0.24% sulfur) that trades on the NYMEX exchange. WTI prices are the reference point for U.S. domestic crude and directly influence gasoline and diesel prices across America.

What is Brent crude oil?

Brent crude is the global oil benchmark, originally based on North Sea production but now referencing a basket of crudes from the North Sea, West Africa, and the U.S. It prices approximately 75% of internationally traded oil. Brent trades on the ICE exchange in London and typically commands a $2-5 premium over WTI due to its seaborne pricing and global relevance.

Why are oil prices different around the world?

Crude oil varies in quality (density and sulfur content), which affects refining costs. Transportation costs differ by location — landlocked crudes trade at discounts to seaborne grades. Regional supply-demand balances, pipeline constraints, taxes, and geopolitical risks create further price differentials. Canadian heavy crude trades $15-25 below WTI due to quality discounts and pipeline constraints.

Why do some crude blends trade at discounts?

Three reasons: quality (heavy/sour crude requires more complex refining), logistics (landlocked or pipeline-constrained crudes face higher transport costs), and market access (some grades have limited export options). Canadian Western Select trades at a steep discount because it is heavy, sour, and must travel by pipeline to distant Gulf Coast refineries.

How does OPEC affect oil prices?

OPEC+ (23 nations) controls ~40% of global oil production. Their coordinated decisions to cut, hold, or increase output directly affect global supply. Saudi Arabia’s 2-3 million bpd of spare capacity makes it the swing producer. OPEC+ meetings and compliance reports are among the most market-moving events, often causing 5-10% price swings.

What is the difference between light and heavy crude?

Light crude (API gravity >31°) flows easily and yields more high-value products (gasoline, jet fuel) with simpler refining. Heavy crude (<22° API) is denser, requires complex refining with additional equipment (cokers, hydrocrackers), but is cheaper to buy. “Sweet” means low sulfur (<0.5%), “sour” means high sulfur (>1%). Light sweet commands the highest prices.

How are crude benchmarks used?

Benchmarks serve as reference prices for contracts. Most physical crude trades as a differential to the nearest benchmark: “WTI minus $3” or “Brent plus $1.50.” This system allows efficient pricing of hundreds of unique crude grades without each needing its own futures market. The benchmark’s price movement flows through to all referenced grades.

How often are prices updated on this page?

Primary benchmarks (WTI, Brent, Natural Gas, Gasoline RBOB, Heating Oil, and others marked LIVE) update every 5 minutes via the OilPriceAPI using real CME/ICE exchange data. OPEC blends, regional grades, and international crudes are reference data with delays ranging from 1 day to 1 month depending on the reporting source.