Table of Contents
Top Headlines
- Brent crude oil was trading around $107.82 per barrel on September 16, after falling from Tuesday’s more than $108 level.
- WTI crude was around $104.86 per barrel, with both major benchmarks remaining above the $100 mark.
- Crude prices remain elevated amid concerns over disruptions to Middle Eastern oil infrastructure and shipping routes.
- Saudi Arabia suspended oil loadings at its Yanbu port following an attack on the East-West pipeline, adding to global supply concerns.
- Brent had settled above $108 per barrel on September 15, its highest settlement level since May 19.
- India’s crude oil basket reached approximately $128.70 per barrel on September 14, according to recent reports.
- India imports more than 88% of its crude oil requirements, making international oil prices particularly important for the country’s economy.
- Petrol and diesel prices in major Indian cities remained unchanged on September 16, despite elevated international crude prices.
- India’s rupee closed around ₹95.95 per US dollar, adding another layer of pressure to the country’s oil import bill.
- Higher crude prices could affect inflation, transportation costs, airlines, manufacturing and India’s trade balance if elevated prices persist.
Crude Oil Price Today: Brent and WTI Remain Above $100
Global crude oil markets remain volatile on September 16, 2026, as traders assess supply disruptions in the Middle East alongside fresh US inventory data.
Brent crude futures were down around $0.93, or 0.86%, at $107.82 per barrel, while West Texas Intermediate (WTI) crude fell approximately $0.97 to $104.86. The decline followed an unexpected increase in US crude inventories.
Despite the daily decline, oil remains significantly above the $100-per-barrel level. Both benchmarks had gained more than $3 on September 15 amid concerns about disruptions to Saudi oil infrastructure.
Why Are Crude Oil Prices Rising?
The current oil-price rally has been driven largely by concerns about global supply. An attack on Saudi Arabia’s East-West pipeline led to a temporary suspension of oil loadings at the Yanbu port.
The pipeline normally transports roughly 4 million barrels per day, making any prolonged disruption important for global markets. Traders are also monitoring disruptions in Libya and the broader security situation affecting Middle Eastern energy infrastructure.
At the same time, uncertainty surrounding shipping through the Strait of Hormuz remains a major concern for Asian oil importers.
US Inventories Provide Some Relief
The latest US inventory figures provided some downward pressure on crude prices. According to data cited by Reuters, US crude inventories increased by 7.1 million barrels during the week ending September 11, compared with analysts’ expectations for a decline of approximately 1.6 million barrels.
Higher inventories can indicate weaker demand or greater available supply and can therefore temporarily reduce upward pressure on prices.
However, the market remains focused on physical supply risks, meaning inventory data alone has not been enough to push crude prices substantially lower.
India Crude Oil Price and Import Bill
India is particularly sensitive to international crude prices because the country imports more than 88% of its crude oil requirements. A prolonged rise in international prices therefore increases the cost of purchasing energy from overseas.
Recent data shows how quickly the impact can build. India’s crude-oil basket rose from around $99.35 per barrel on September 2 to $128.70 on September 14, representing an increase of almost 30% in less than two weeks.
A sustained increase could widen India’s trade and current-account deficits and put additional pressure on the rupee.
Rupee Under Pressure
The Indian rupee closed around ₹95.95 against the US dollar on September 15, its weakest level in nearly three months, according to Reuters reporting. Higher crude prices and US Treasury yields were among the factors weighing on the currency.
A weaker rupee makes dollar-denominated crude imports more expensive in local-currency terms. This means Indian refiners and fuel companies can face higher costs even if international crude prices remain unchanged.
