Crude Oil Rate Today - April 18: Oil Prices Drop: Check Latest Rates of Brent Crude, WTI & More
Crude Oil Rate Today: Global energy markets have experienced a dramatic shift following an announcement from Iran. Oil prices, which have been on a volatile trajectory since the onset of the US-Israel conflict with Iran, plummeted on Friday after Iran declared the Strait of Hormuz would be "completely open" to commercial shipping for the remainder of the current ceasefire.
A Sharp Correction in Crude Prices
AI-generated summary, reviewed by editors
The impact on the petrol pumps and global ledgers was immediate. Brent crude, the international benchmark, saw its price collapse from a Friday high of over $98 to a low of $88 (£65) per barrel shortly after the announcement. While the price has since stabilised slightly to $90.38, the downward pressure remains significant.
The scale of the drop is underscored by the performance of various oil grades and futures:
Crude Oil Rates Today - April 18
| Futures & Indexes | Last | Change | |
|---|---|---|---|
| WTI Crude | 83.85 | -9.71 | |
| Brent Crude | 90.38 | -9.01 | |
| Murban Crude | 91.70 | -9.96 | |
| Natural Gas | 2.680 | +0.033 | |
| Gasoline | 3.012 | -0.151 | |
| Heating Oil | 3.436 | -0.397 | |
| WTI Midland | 86.76 | -11.73 | |
| Mars | 118.03 | +1.06 | |
| Opec Basket | 104.79 | +0.23 | |
| DME Oman | 100.67 | +1.64 | |
| Mexican Basket | 92.60 | +3.79 | |
| Indian Basket | 110.63 | +0.11 | |
| Urals | 114.65 | -1.75 | |
| Western Canadian Select | 78.82 | +3.04 | |
| AECO C natural gas | 0.970 | +0.020 | |
| Dubai | 104.93 | -0.58 | |
| Brent Weighted Average | 97.45 | +2.14 | |
| Louisiana Light | 97.14 | +1.32 | |
| Domestic Swt. @ Cushing | 91.17 | +3.40 | |
| Giddings | 84.92 | +3.40 | |
| ANS West Coast | 106.36 | +0.20 | |
| Gulf Coast HSFO | 82.17 | +1.14 | |
| Ethanol | 1.893 | -0.008 | |
| Dutch TTF Natural Gas | 14.66 | +0.32 | |
| LNG Japan/Korea Marker | 19.20 | +0.00 |
The Strategic Importance of the Strait
The Strait of Hormuz is arguably the world’s most important oil artery. A narrow waterway south of Iran, it facilitates the transit of roughly one-fifth of the world’s total oil and liquefied natural gas (LNG) consumption.
The passage had been effectively throttled since late February, following military strikes by the US and Israel within Iranian territory. This closure slowed tanker traffic to a trickle, choking global supply and forcing Brent crude from its pre-conflict levels of under $70 to a staggering peak of $119 in March.
Iranian Foreign Minister Abbas Araghchi sought to calm the markets, stating: "The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire."Global Economic Reaction
The de-escalation triggered a rally across major financial hubs. In the UK, the FTSE 100 closed 0.7% higher. Peer indexes in Europe saw even more robust gains, with the DAX in Frankfurt and the CAC in Paris both ending the session up approximately 2%. Across the Atlantic, the S&P 500 rose by 1.2% as investors priced in the reduced risk of a prolonged energy crisis.
US President Donald Trump welcomed the statement, though maritime security groups remain cautious. Many organisations are still in the process of verifying the safety of the route before resuming full-scale operations. Despite the optimism, the market remains on edge; shortly after the initial dip, Brent crude edged back up to $92, suggesting that while the immediate "war premium" has faded, the underlying tension in the Middle East continues to keep floor prices elevated.
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