This insight focuses on the crude oil price in April 2026. 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 April 2026, crude oil prices experienced a sharp and volatile upward movement for both major benchmarks. As shown in Figure 1 and Table 1, Brent crude began the month at 77.24 USD per barrel and surged to close at 101.04 USD, representing a significant increase. WTI followed a similar trajectory, opening at 71.13 USD and ending the month at 93.39 USD. The average price for Brent was 91.66 USD, while WTI averaged 85.86 USD, with both benchmarks exhibiting high volatility, particularly WTI which recorded a volatility of 9.57. The overall trend was decisively upward, with prices reaching multi-month highs by the end of the period.

Compared to the previous month, April 2026 marked a dramatic reversal and acceleration in price action. In March 2026, Brent crude had averaged 70.89 USD and WTI 64.51 USD, with much lower volatility and a more moderate upward trend. The average price in April was significantly higher, with Brent rising by over 20 USD and WTI by over 21 USD compared to the prior month. The volatility also increased sharply, from 1.20 to 8.68 for Brent and from 1.58 to 9.57 for WTI, indicating a period of intense market stress and rapid price discovery.

When placed within the context of the last 12 months, April 2026 stands out as a clear outlier. Over the preceding year, Brent crude prices had generally trended lower, falling from an average of 72.96 USD in March 2025 to a low of 62.46 USD in December 2025, before beginning a recovery in early 2026. The average price of 91.66 USD in April 2026 far exceeds any monthly average in the prior twelve months, and the price range of 25.99 USD is the widest observed. This month represents a structural shift, breaking out of the lower trading range that had persisted for most of the previous year and establishing a new, higher price level.