Oil Prices in 2026, Month by Month
Brent crude averaged $93.15 per barrel from January to September 2026 and WTI $85.25, according to EIA spot data, against about $69 and $65 in 2025. The war with Iran and the closure of the Strait of Hormuz from 28 February took Brent spot from $61.08 on 7 January to $138.21 on 7 April, its highest since 2008.
2026 monthly average oil prices
| Month | Brent average | WTI average | Brent minus WTI | Brent high | Brent low | Brent change in month |
|---|---|---|---|---|---|---|
| January | $66.60 | $60.04 | $6.57 | $72.25 (30 January) | $61.08 (7 January) | +17.8% |
| February | $70.89 | $64.51 | $6.38 | $73.17 (19 February) | $67.72 (2 February) | -1.3% |
| March | $103.13 | $91.38 | $11.75 | $126.69 (31 March) | $77.24 (2 March) | +77.6% |
| April | $117.29 | $100.32 | $16.97 | $138.21 (7 April) | $98.63 (17 April) | -1.9% |
| May | $107.14 | $102.13 | $5.01 | $118.26 (1 May) | $92.88 (29 May) | -25.2% |
| June | $85.40 | $84.81 | $0.59 | $101.69 (3 June) | $70.16 (26 June) | -24.1% |
| July | $83.76 | $80.46 | $3.30 | $105.32 (23 July) | $68.53 (2 July) | +37.6% |
| August | $91.08 | $83.90 | $7.18 | $96.92 (21 August) | $86.47 (4 August) | -7.4% |
| September | $114.16 | $97.31 | $16.85 | $130.80 (15 September) | $96.02 (1 September) | +29.1% |
| October (to 6 Oct) | $125.32 | $97.51 | $27.81 | $135.51 (2 October) | $114.82 (1 October) | +8.2% |
| Jan–Sep average | $93.15 | $85.25 | $7.89 | $138.21 (7 April) | $61.08 (7 January) | – |
Source: U.S. EIA daily Europe Brent Spot Price FOB and Cushing WTI Spot Price FOB (release of 7 October 2026; also on FRED as DCOILBRENTEU and DCOILWTICO). Monthly figures match the EIA/FRED monthly series. Averages are simple means of trading days. October is month to date (1–6 October).
These are EIA spot prices. Since March, physical Brent (Dated Brent) has often traded far above the front-month ICE Brent futures price used in news headlines and live quotes. The premium exceeded $25 a barrel in early April, according to the EIA. Brent futures peaked at $109 on 15 September (EIA) and traded near $106 on 13 October 2026.
2026 oil prices quarter by quarter
| Quarter | Brent | WTI | Main driver |
|---|---|---|---|
| Q1 | $80.72 | $72.74 | Iran tensions, then the Strait of Hormuz closure from 28 February |
| Q2 | $102.63 | $95.65 | Peak disruption, the April ceasefire and the June memorandum |
| Q3 | $96.30 | $87.12 | Strikes resume in July; attacks on Saudi infrastructure in September |
Q1: from surplus to the largest supply shock on record
The year started with an oversupplied market and Brent near $61. Protests in Iran in January and US-Iran nuclear talks under threat of strikes in February added a risk premium and lifted Brent to the low $70s. US and Israeli strikes on Iran on 28 February led to a de facto closure of the Strait of Hormuz. Brent passed $100 on 12 March (EIA), and the World Bank estimates that global supply fell 10.1 million b/d that month. The EIA calls the first-quarter rise in Brent futures, from $61 to $118, the largest quarterly increase in inflation-adjusted terms since at least 1988. See March 2026.
Q2: ceasefire, blockade and a deal
Brent spot reached $138.21 on 7 April. A two-week ceasefire on 8 April caused the largest one-day fall since 1991 (Axios). A US blockade of Iranian ports from 13 April and continued disruption kept April's average at a 2026 high of $117.29. Talks pulled prices down through May, although Middle East shut-ins peaked at 10.9 million b/d (EIA). A memorandum signed on 17 June reopened shipping, and Brent spot ended June near $70.
Q3: strikes resume
Military strikes resumed on 7 July (EIA), and Brent futures passed $100 again on 23 July. August was calmer as Washington turned to sanctions. In September, drones damaged Saudi Arabia's East-West pipeline, the main route around Hormuz, and Brent spot reached $130.80 on 15 September. September averaged $114.16, the second-highest month of the year.
Q4 so far
Tanker attacks and a third US aircraft carrier deployment lifted prices again in early October, and the physical premium over futures widened to records. Details are on the October 2026 page, which is updated as new EIA data are published.
2026 oil price forecasts
The EIA's Short-Term Energy Outlook of 6 October 2026 forecasts Brent spot at an average of $105 in the fourth quarter of 2026, $96 for 2026 and $84 for 2027. It assumes Middle East flows stay constrained through the end of 2026 and most regional production recovers to pre-conflict levels by the end of the second quarter of 2027. In April, the World Bank's Commodity Markets Outlook had forecast a 2026 Brent average of $86, assuming the acute disruption would end in May. More outlooks are on oil price forecast.
How 2026 compares with earlier years
A Jan–Sep Brent average of $93.15 would make 2026 the most expensive year since 2022, when Brent averaged $100.93, and well above 2025 (about $69). The April high of $138.21 is the highest Brent spot price since the July 2008 peak of $143.95. For the long view see oil price history, and for the year before, oil prices in 2025. Today's prices are on the Brent and WTI live pages.
Live chart: TradingView TVC:UKOIL (front-month ICE Brent futures), not the EIA spot series in the tables above.
2026 month pages
January 2026
Brent average $66.60; daily prices, high, low and drivers.
February 2026
Brent average $70.89; daily prices, high, low and drivers.
March 2026
Brent average $103.13; daily prices, high, low and drivers.
April 2026
Brent average $117.29; daily prices, high, low and drivers.
May 2026
Brent average $107.14; daily prices, high, low and drivers.
June 2026
Brent average $85.40; daily prices, high, low and drivers.
July 2026
Brent average $83.76; daily prices, high, low and drivers.
August 2026
Brent average $91.08; daily prices, high, low and drivers.
September 2026
Brent average $114.16; daily prices, high, low and drivers.
October 2026
Brent average $125.32 (month to date); daily prices, high, low and drivers.
Oil prices in 2026 FAQ
What is the average oil price in 2026?
From January to September 2026, Brent crude averaged $93.15 per barrel and WTI $85.25, based on EIA daily spot prices. The EIA's October 2026 outlook forecasts a full-year Brent average of $96, which assumes about $105 in the fourth quarter.
What was the highest oil price in 2026?
Brent spot reached $138.21 per barrel on 7 April 2026, the highest since July 2008, according to the EIA. WTI spot peaked at $114.58 the same day. Front-month Brent futures, which headlines quote, peaked lower because physical cargoes traded at a large premium.
What was the lowest oil price in 2026?
The 2026 low came on 7 January 2026, when Brent spot closed at $61.08 and WTI at $56.01 per barrel (EIA). At that time the market was still oversupplied, and the conflict with Iran that began on 28 February had not yet started.
Why are oil prices so high in 2026?
US and Israeli strikes on Iran on 28 February 2026 led to a de facto closure of the Strait of Hormuz, which normally carries about a fifth of world oil supply. Gulf producers shut in up to 10.9 million barrels per day (EIA), and later attacks hit Saudi export routes.
Which month had the highest average oil price in 2026?
April 2026 had the highest monthly average so far: Brent spot averaged $117.29 per barrel and WTI $100.32, according to the EIA. September was second for Brent at $114.16. For WTI, May was highest at $102.13, as US crude exports replaced lost Gulf barrels.
Related pages
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