Oil price: Brent and WTI
Brent and WTI are the two benchmark prices for crude oil. Here you find the previous session’s close in euro and dollars per barrel and the chart of recent sessions; real-time oil prices are reserved for FT Mercati subscribers.
The barrel sets the pace.
Brent and derivatives: the energy behind everyone's costs.
The oil price of the previous session
In the session of October 23, 2026 Brent closed at 104.38 euro per barrel (116.93 dollars) and WTI at 92.35 euro (103.45 dollars). Compared with the previous session, Brent moved +3.69% and WTI +4.56%.
| Crude | EUR/barrel | USD/barrel | Change |
|---|---|---|---|
| Brent | 104.38 | 116.93 | +3.69% |
| WTI | 92.35 | 103.45 | +4.56% |
On the website we publish the previous session’s closing prices. FT Mercati subscribers follow oil in real time together with metals, energy, currencies and freight, with history and alerts on the web and in the app, and buy and sell at the value of the moment.
Brent and WTI: the two oil benchmarks
Brent is the oil benchmark for Europe: it takes its name from a North Sea field and trades mainly through the ICE Brent futures contract in London, in lots of 1,000 barrels. WTI (West Texas Intermediate) is the US benchmark: it trades through the NYMEX Light Sweet Crude Oil futures contract in New York and is delivered at Cushing, Oklahoma.
Both are quoted in dollars per barrel: a barrel is 42 US gallons, about 159 litres. The two prices move together, but Brent usually costs a few dollars more because of quality, transport and the balance between the American market and the rest of the world. The euro price is the same close expressed in euro: for buyers paying in euro the exchange rate matters too.
What drives the oil price
On the supply side, OPEC+ production decisions, US output and disruptions caused by wars, sanctions and accidents matter; on the demand side, economic growth, above all in China, the United States and India, and transport. Inventories, starting with the weekly US data, show whether the market is in surplus or deficit.
Geopolitics adds a risk premium that can appear and vanish within days: in 2026 the closure of the Strait of Hormuz, through which about a fifth of world oil consumption passes, pushed Brent above 110 dollars, and the reopening in June brought it back below 80. The dollar matters because oil is priced in dollars.
Why oil matters even if you don’t buy it
The price of crude enters the costs of almost every company: in fuels and energy, in sea freight and transport, which apply fuel-linked surcharges, and in plastics, made from petroleum derivatives. For metal buyers it weighs on the energy costs of smelters and refineries and on freight.
Oil price: frequently asked questions
- What is the oil price today?
- In the session of October 23, 2026 Brent closed at 104.38 euro per barrel (116.93 dollars) and WTI at 92.35 euro (103.45 dollars). Compared with the previous session, Brent moved +3.69% and WTI +4.56%. Today’s price, in real time, is reserved for FT Mercati subscribers; the service can be tried for free.
- What is the difference between Brent and WTI?
- Brent is the European benchmark: it comes from the North Sea and trades in London on ICE. WTI is the US benchmark: it is delivered at Cushing, Oklahoma, and trades in New York on NYMEX. Both are light, sweet crudes quoted in dollars per barrel; Brent usually costs a few dollars more.
- How many litres are there in a barrel of oil?
- A barrel is 42 US gallons, about 159 litres. At 80 dollars a barrel, crude therefore costs about 50 US cents per litre, before refining, transport and taxes.
- Why do you publish the oil price in euro too?
- Because Italian and European companies pay in euro: oil is priced in dollars and the euro price also depends on the exchange rate. The two currencies side by side show how much of a price rise comes from crude and how much from the euro-dollar rate.
- What moves the oil price?
- OPEC+ production decisions, world economic growth, inventories, the dollar and geopolitics, starting with the Middle East and the Strait of Hormuz. The oil price guide explains them one by one, with the price history since 2008.
- Where can I find the oil price history?
- The chart on this page shows the latest sessions. The full Brent and WTI history, real-time data and price alerts are for FT Mercati subscribers.
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