Oil Prices in 2022
Brent crude averaged $100.93 per barrel in 2022 and WTI $94.90, the first annual Brent average above $100 since 2013. Russia's invasion of Ukraine sent Brent futures to about $139 intraday on 7 March and Brent spot to $133.18 a day later. Record stock releases, Chinese lockdowns and rate hikes then pulled prices back to about $76 by December.
| Month | Brent | WTI | Brent − WTI | Brent (relative) |
|---|---|---|---|---|
| January | $86.51 | $83.22 | $3.29 | |
| February | $97.13 | $91.64 | $5.49 | |
| March | $117.25 | $108.50 | $8.75 | |
| April | $104.58 | $101.78 | $2.80 | |
| May | $113.34 | $109.55 | $3.79 | |
| June | $122.71 | $114.84 | $7.87 | |
| July | $111.93 | $101.62 | $10.31 | |
| August | $100.45 | $93.67 | $6.78 | |
| September | $89.76 | $84.26 | $5.50 | |
| October | $93.33 | $87.55 | $5.78 | |
| November | $91.42 | $84.37 | $7.05 | |
| December | $80.92 | $76.44 | $4.48 | |
| 2022 average | $100.93 | $94.90 | $6.03 |
Source: U.S. Energy Information Administration (EIA), monthly averages of daily spot prices, Europe Brent spot FOB (series RBRTE) and Cushing, OK WTI spot FOB (series RWTC), retrieved 13 October 2026. Nominal dollars.
What drove oil prices in 2022, quarter by quarter
Q1: Invasion and the March spike
Oil was already rising in January as demand recovered from the pandemic faster than OPEC+ restored output. Russia invaded Ukraine on 24 February. Buyers, banks and shippers began shunning Russian barrels even before formal sanctions. Brent futures traded at about $139 on 7 March, their highest since 2008. The next day the US banned imports of Russian oil, and Brent spot closed at $133.18, its high for the year. IEA members agreed coordinated emergency releases on 1 March and again in April. On 31 March the US announced the sale of about 180 million barrels from the Strategic Petroleum Reserve over six months, the largest release in its history. Brent averaged $117.25 in March.
Q2: Diesel crunch and the June high
Lockdowns in Shanghai and other Chinese cities in April and May cut demand, and Brent's April average fell to $104.58. Then refined product markets tightened sharply. Europe had relied on Russia for much of its diesel, and global refining capacity had shrunk during the pandemic, so diesel and gasoline margins hit records. On 3 June the EU adopted its sixth sanctions package, which banned seaborne Russian crude from 5 December 2022 and products from 5 February 2023. Brent averaged $122.71 in June, the highest monthly average of the year.
Q3: Recession fears take over
The US Federal Reserve raised rates in large steps from June, and the strong dollar weighed on oil, as explained in our what moves oil prices guide. Russian exports held up far better than feared as cargoes were redirected to India, China and Turkey. Brent fell from $111.93 in July to $89.76 in September.
Q4: The 2 million b/d cut, embargo and price cap
On 5 October OPEC+ agreed to cut production targets by 2 million b/d from November, and Brent's October average rose to $93.33. The EU crude embargo and the G7 price cap of $60 per barrel on Russian seaborne crude took effect on 5 December. Prices fell anyway, because demand was weakening and Russia kept exporting through non-Western shippers and insurers. Brent spot hit its low for the year, $76.02, on 8 December. China began dismantling its zero-Covid rules the day before, which helped prices recover to $82.82 by 30 December.
2022 highs and lows
| Brent | WTI | |
|---|---|---|
| First trading day | $78.25 (3 January 2022) | $75.99 (3 January 2022) |
| Annual high | $133.18 (8 March 2022) | $123.64 (8 March 2022) |
| Annual low | $76.02 (8 December 2022) | $71.05 (9 December 2022) |
| Last trading day | $82.82 (30 December 2022) | $80.16 (30 December 2022) |
Daily closing spot assessments from EIA series RBRTE and RWTC (via FRED). Futures settlements and intraday prices differ from these spot values.
How 2022 compares
At $100.93, Brent's 2022 average was $30.07 above 2021 and the highest since 2013, although well below the 2011–2013 plateau above $108. The Brent-WTI spread widened to $6.03 as Europe bid for Atlantic Basin crude to replace Russian barrels and US exports surged. The daily range was very wide: Brent spot traded between $76 and $133 within nine months. For a full account of the spike, see 2022 oil price spike. For longer context, see the oil price history table or the Brent price chart.
← Oil prices in 2021
Brent averaged $70.86 in the post-pandemic recovery.
Oil prices in 2023 →
Brent averaged $82.49: Saudi cuts and a September peak.
Oil prices in 2022 FAQ
What was the average oil price in 2022?
Brent crude averaged $100.93 per barrel in 2022 and WTI averaged $94.90, according to EIA spot price data. It was the first year since 2013 in which Brent averaged more than $100. Russia's invasion of Ukraine and tight refining capacity drove the rise.
What was the highest oil price in 2022?
Brent futures traded at about $139 per barrel intraday on 7 March 2022, the highest since 2008. On a daily closing basis, Brent spot peaked at $133.18 and WTI spot at $123.64, both on 8 March, the day the US banned imports of Russian oil.
Why did oil prices fall in the second half of 2022?
Oil fell in the second half of 2022 because Russian exports were redirected to Asia rather than lost. Record emergency stock releases added supply, and rising interest rates, a strong dollar and Chinese lockdowns weakened demand. By December Brent was back below $80.
When did the Russian oil price cap start?
The G7 and EU price cap of $60 per barrel on Russian seaborne crude took effect on 5 December 2022, the same day as the EU's embargo on seaborne Russian crude imports. A separate cap and embargo for refined products followed on 5 February 2023.
Related pages
Oil Price History
Crude oil price history: Brent and WTI annual average prices 2000-2025, the spread by year, and the events behind every spike and crash.
Brent vs WTI
Brent vs WTI compared: live prices, why Brent trades at a premium, quality and delivery differences, and how the spread has moved since 2010.
What Moves Oil Prices
What moves oil prices: OPEC+, inventories, demand, spare capacity, geopolitics, the dollar, rates, speculation and the futures curve.
Brent Chart
Live Brent crude oil price chart from intraday to monthly, with the Brent technical summary, a long-run performance view and the key price levels in Brent's history.