Crude oil is a naturally occurring, unrefined fossil fuel composed of hydrocarbons. It serves as a primary energy source and a critical input for fuels such as gasoline, diesel, and jet fuel, as well as for a wide range of petrochemical products. The two main global benchmarks are West Texas Intermediate (WTI), which reflects U.S. market conditions, and Brent crude, the leading international reference sourced from the North Sea. Oil prices both influence and are influenced by political developments: they affect inflation, fiscal stability, and trade balances, while policies, conflicts, and production agreements can directly alter supply and price levels. Learn more

In October 2026, Brent crude recorded an average price of $125.20 per barrel, while WTI averaged $102.96. As shown in Figure 1 and Table 1, Brent opened the month at $135.51, its highest point, and closed at $120.15, a decline of 11.3 percent over the period. WTI moved in the opposite direction, starting at $97.89 and ending at $107.56, a gain of 9.9 percent. Brent traded within a range of $20.29, from a low of $115.22 to the opening high of $135.51, while WTI had a narrower range of $13.88, between $96.13 and $110.01. Volatility was moderate for both benchmarks, with Brent at 5.39 percent and WTI at 5.11 percent. The month was characterized by a downward correction in Brent after an elevated start, whereas WTI showed a steady upward trajectory.

Compared with September 2026, Brent’s average price rose from $114.24 to $125.20, an increase of $10.96 per barrel. However, the direction of price movement reversed: in September Brent climbed from $96.02 to $113.96, a gain of 18.7 percent, while in October it fell from $135.51 to $120.15, a loss of 11.3 percent. Volatility declined sharply for Brent, from 9.15 percent in September to 5.39 percent in October. WTI’s average price increased from $98.55 to $102.96, and its monthly gain strengthened from 5.1 percent in September to 9.9 percent in October. WTI volatility rose slightly, from 4.32 percent to 5.11 percent. The two benchmarks diverged in October: Brent gave back part of its September surge, while WTI extended its gains.

Over the twelve months ending in October 2026, Brent’s average price moved from $64.45 in October 2025 to $125.20, nearly doubling. The lowest monthly average in the period was $62.46 in December 2025, and the highest was October 2026’s $125.20. WTI rose from $60.81 in October 2025 to $102.96, with a low of $57.90 in December 2025. October 2026 therefore represents the peak of the annual range for both benchmarks. The increase was not linear: prices remained relatively flat through late 2025, began rising in January 2026, and accelerated sharply in September and October 2026. The current price levels are far above the annual trend, indicating a structural upward shift rather than a temporary spike.