WTI crude oil futures soared over 11% to cross $112 per barrel, the highest in nearly four years, regaining traction on a volatile session as markets reconsidered the magnitude of supply risks from the ongoing war in the Persian Gulf. US President Trump pledged to escalate attacks on Iran and their infrastructure in the next weeks if Tehran does not accept American ceasefire conditions, prompting Tehran to retaliate the aggressive rhetoric. Earlier in the session oil prices have eased on reports that Oman and Iran were coordinating a toll for tankers crossing the Hormuz chokepoint, but optimism over the outlook of normalized supplies was short-lived. Consequently, dated Brent benchmarks rose to past $140 per barrel, the highest since 2008. Meanwhile, the UK is hosting talks with dozens of countries on securing the route, while OPEC+ is considering a potential output increase, though any additional supply is unlikely to impact markets in the near term.

Crude Oil rose to 111.54 USD/Bbl on April 2, 2026, up 11.41% from the previous day. Over the past month, Crude Oil's price has risen 49.60%, and is up 66.60% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 410.45 in December of 2025. Crude Oil - data, forecasts, historical chart - was last updated on April 4 of 2026.

Crude Oil rose to 111.54 USD/Bbl on April 2, 2026, up 11.41% from the previous day. Over the past month, Crude Oil's price has risen 49.60%, and is up 66.60% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 106.45 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 113.72 in 12 months time.



Price Day Month Year Date
Crude Oil 111.54 11.420 11.41% 49.60% 66.60% Apr/02
Brent 109.03 7.870 7.78% 33.94% 55.45% Apr/02
Natural gas 2.80 -0.0190 -0.67% -8.32% -32.33% Apr/02
Gasoline 3.29 0.1966 6.36% 33.80% 52.55% Apr/02
Heating Oil 4.36 0.3043 7.50% 36.84% 100.05% Apr/02
Coal 137.90 0.70 0.51% -0.07% 38.73% Apr/02
Ethanol 2.01 0.0350 1.78% 11.39% 11.08% Apr/02
Urals Oil 121.17 15.44 14.60% 76.04% 87.05% Apr/02



Related Last Previous Unit Reference
United States API Crude Oil Stock Change 10.26 2.30 BBL/1Million Mar 2026
Saudi Arabia Crude Oil Production 10111.00 10100.00 BBL/D/1K Feb 2026
United States Crude Oil Production 13246.00 13656.00 BBL/D/1K Jan 2026
Russia Crude Oil Production 10056.00 10074.00 BBL/D/1K Nov 2025
United States Crude Oil Stocks Change 5.45 6.93 BBL/1Million Mar 2026
United States Weekly Crude Oil Production 13657.00 13657.00 Thousand Barrels Per Day Mar 2026

Crude Oil
Crude oil futures are the benchmark for oil prices in the United States and serve as a reference point for global oil pricing. Crude oil is classified as light and sweet where "light" refers to its low density and "sweet" indicates its low sulfur content. The delivery point for crude oil futures is Cushing Hub in Oklahoma. Each futures contract represents 1,000 barrels of crude oil. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so..
Actual Previous Highest Lowest Dates Unit Frequency
111.54 100.12 410.45 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Crude Oil Surges 11%
WTI crude oil futures soared over 11% to cross $112 per barrel, the highest in nearly four years, regaining traction on a volatile session as markets reconsidered the magnitude of supply risks from the ongoing war in the Persian Gulf. US President Trump pledged to escalate attacks on Iran and their infrastructure in the next weeks if Tehran does not accept American ceasefire conditions, prompting Tehran to retaliate the aggressive rhetoric. Earlier in the session oil prices have eased on reports that Oman and Iran were coordinating a toll for tankers crossing the Hormuz chokepoint, but optimism over the outlook of normalized supplies was short-lived. Consequently, dated Brent benchmarks rose to past $140 per barrel, the highest since 2008. Meanwhile, the UK is hosting talks with dozens of countries on securing the route, while OPEC+ is considering a potential output increase, though any additional supply is unlikely to impact markets in the near term.
2026-04-02
WTI Near $109 as Iran-Oman Talks Offer Cautious Hope
WTI crude futures pared some of their earlier gains to around $108.8 per barrel on Thursday, after surging more than 13% during the session, remaining close to their highest level since June 2022. Prices eased slightly following reports that Iran is working with Oman on a protocol to monitor traffic through the Strait of Hormuz, raising cautious hopes of improved oversight in the key shipping route. Still, the market remains supported by escalating tensions after President Donald Trump warned the conflict with Iran could continue for weeks and pledged intensified US strikes, heightening fears of prolonged supply disruptions. His remarks offered no clear path toward reopening the strait, reinforcing uncertainty. Meanwhile, the UK is hosting talks with dozens of countries on securing the route, while OPEC+ is considering a potential output increase, though any additional supply is unlikely to impact markets in the near term.
2026-04-02
Oil Jumps After Trump Warns Iran of Hard Strike
WTI crude oil futures surged more than 12% to above $112 per barrel on Thursday, the highest level since June 2022, after President Donald Trump signaled the Iran conflict could continue for weeks and warned of intensified US military action. His remarks, which included a pledge to strike Iran “extremely hard” over the coming weeks, raised fears of prolonged disruptions to global oil supply, particularly as no clear path to reopening the Strait of Hormuz was outlined. Markets reacted to the lack of any ceasefire or diplomatic signals, reinforcing concerns over tightening supply. Meanwhile, the UK is hosting a virtual meeting with around 40 countries to explore options for reopening the key shipping route, though the US is not expected to participate. OPEC+ is also considering a potential output increase, but any additional supply is unlikely to reach markets in the near term.
2026-04-02