Oil Prices in 2018
Brent crude averaged $71.34 per barrel in 2018 and WTI $65.23, the highest annual averages since 2014. Brent spot climbed to $86.07 on 4 October ahead of renewed US sanctions on Iran. It then crashed about 41% to $50.57 by 28 December as Washington granted import waivers, US output hit records and OPEC+ had already raised production.
| Month | Brent | WTI | Brent − WTI | Brent (relative) |
|---|---|---|---|---|
| January | $69.08 | $63.70 | $5.38 | |
| February | $65.32 | $62.23 | $3.09 | |
| March | $66.02 | $62.73 | $3.29 | |
| April | $72.11 | $66.25 | $5.86 | |
| May | $76.98 | $69.98 | $7.00 | |
| June | $74.41 | $67.87 | $6.54 | |
| July | $74.25 | $70.98 | $3.27 | |
| August | $72.53 | $68.06 | $4.47 | |
| September | $78.89 | $70.23 | $8.66 | |
| October | $81.03 | $70.75 | $10.28 | |
| November | $64.75 | $56.96 | $7.79 | |
| December | $57.36 | $49.52 | $7.84 | |
| 2018 average | $71.34 | $65.23 | $6.11 |
Source: U.S. Energy Information Administration (EIA), monthly averages of daily spot prices, Europe Brent spot FOB (series RBRTE) and Cushing, OK WTI spot FOB (series RWTC), retrieved 13 October 2026. Nominal dollars.
What drove oil prices in 2018, quarter by quarter
Q1: OPEC+ cuts drain the glut
The OPEC+ production cuts in place since January 2017 had steadily drawn down the inventory surplus built during the 2014–2016 slump. Brent averaged $69.08 in January, the highest monthly average since late 2014. A stock market sell-off in early February briefly hit commodities, and Brent averaged about $65–66 in February and March.
Q2: Iran deal exit and Venezuela's decline
On 8 May President Trump announced that the US would leave the Iran nuclear deal and reimpose sanctions on Iranian oil exports, with a deadline of 4 November. Venezuela's output was falling fast under economic collapse. Brent's monthly average rose to $76.98 in May. On 22–23 June OPEC+ agreed to lift production back towards its targets, after members had been producing well below them. WTI spot reached its 2018 high of $77.41 on 27 June, when an outage at Canada's Syncrude oil sands plant tightened supply at the US hub of Cushing.
Q3: The run to $86
US-China tariffs took effect in July, but the oil market focused on how many Iranian barrels would disappear in November. Some forecasters warned of $100 oil. Brent averaged $78.89 in September and $81.03 in October, and spot peaked at $86.07 on 4 October, its highest since 2014. WTI rose far less. Pipelines out of the Permian Basin were full, so the Brent-WTI spread widened to more than $10 at times.
Q4: Waivers, record supply and the crash
When sanctions returned on 5 November, the US granted temporary waivers to eight importers, including China, India, Japan and South Korea. Iranian exports fell less than feared, just as Saudi Arabia, Russia and the US were pumping at or near record rates. WTI futures fell for 12 consecutive sessions to 13 November, their longest losing streak since trading began in 1983. On 7 December OPEC+ agreed a new 1.2 million b/d cut from January 2019, but a global equity sell-off kept prices falling. Brent averaged $57.36 in December and ended the year at $50.57.
2018 highs and lows
| Brent | WTI | |
|---|---|---|
| First trading day | $66.65 (2 January 2018) | $60.37 (2 January 2018) |
| Annual high | $86.07 (4 October 2018) | $77.41 (27 June 2018) |
| Annual low | $50.57 (28 December 2018) | $44.48 (27 December 2018) |
| Last trading day | $50.57 (28 December 2018) | $45.15 (28 December 2018) |
Daily closing spot assessments from EIA series RBRTE and RWTC (via FRED). Futures settlements and intraday prices differ from these spot values.
How 2018 compares
Brent's 2018 average of $71.34 was $17.21 above 2017 ($54.13) and the highest of any year from 2015 to 2021. The spread to WTI averaged $6.11 because US crude production rose by about 1.6 million b/d in 2018, the largest annual volume increase in its history according to the EIA. Output passed the previous annual record set in 1970. The October peak and November crash show how quickly a sanctions-driven risk premium can disappear, as explained in our what moves oil prices guide. Compare every year since 2000 in the oil price history table, or check the live oil price chart.
← Oil prices in 2016
Brent averaged $43.64: the January low and the first OPEC+ deal.
Oil prices in 2019 →
Brent averaged $64.30: OPEC+ cuts, sanctions and Abqaiq.
Oil prices in 2018 FAQ
What was the average oil price in 2018?
Brent crude averaged $71.34 per barrel in 2018 and WTI averaged $65.23, according to EIA spot price data. Both were the highest annual averages since 2014, helped by OPEC+ cuts that drained the global glut and by the threat of US sanctions on Iran.
What was the highest oil price in 2018?
Brent's highest daily spot price in 2018 was $86.07 per barrel on 4 October, the highest since 2014. WTI's spot high came earlier, at $77.41 on 27 June. The October rally came as traders priced in the return of US sanctions on Iranian oil exports on 5 November.
Why did oil prices crash at the end of 2018?
Oil crashed in late 2018 because the US granted eight countries waivers to keep buying Iranian oil when sanctions returned on 5 November. At the same time, Saudi Arabia, Russia and the US had raised output to near-record levels. Brent fell about 41% from its October high by year-end.
What was the lowest oil price in 2018?
Brent's lowest daily spot price in 2018 was $50.57 per barrel on 28 December, the last trading day of the year. WTI's low was $44.48 on 27 December. A global equity sell-off and doubts over the new OPEC+ cut extended the fourth-quarter slide.
Related pages
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