Oil Prices in 2024
Brent crude averaged $80.52 per barrel in 2024 and WTI $76.63, both slightly below 2023. Brent spot peaked at $93.12 on 12 April amid the Iran-Israel confrontation and bottomed at $70.31 on 11 September on weak Chinese demand. OPEC+ held back supply all year by delaying the return of its voluntary cuts three times.
| Month | Brent | WTI | Brent − WTI | Brent (relative) |
|---|---|---|---|---|
| January | $80.12 | $74.15 | $5.97 | |
| February | $83.48 | $77.25 | $6.23 | |
| March | $85.41 | $81.28 | $4.13 | |
| April | $89.94 | $85.35 | $4.59 | |
| May | $81.75 | $80.02 | $1.73 | |
| June | $82.25 | $79.77 | $2.48 | |
| July | $85.15 | $81.80 | $3.35 | |
| August | $80.36 | $76.68 | $3.68 | |
| September | $74.02 | $70.24 | $3.78 | |
| October | $75.63 | $71.99 | $3.64 | |
| November | $74.35 | $69.95 | $4.40 | |
| December | $73.86 | $70.12 | $3.74 | |
| 2024 average | $80.52 | $76.63 | $3.89 |
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 2024, quarter by quarter
Q1: Red Sea attacks and extended cuts
Houthi attacks on shipping in the Red Sea, which began in late 2023, pushed many tankers onto the longer route around the Cape of Good Hope. US and UK forces struck Houthi targets in Yemen from 12 January. The attacks lengthened voyages more than they removed supply. In early March, eight OPEC+ members extended their additional voluntary cuts of about 2.2 million barrels per day through June. Brent's monthly average rose from $80.12 in January to $85.41 in March.
Q2: The Iran-Israel peak and the June OPEC+ plan
An Israeli strike on Iran's consulate in Damascus on 1 April, and Iran's drone and missile attack on Israel on 13 April, raised fears of a regional war that could affect Gulf supply. Brent spot hit its 2024 high of $93.12 on 12 April and averaged $89.94 for the month, the highest monthly average of the year. Israel's limited response a week later eased the risk premium. On 2 June, OPEC+ said it would phase out the 2.2 million b/d voluntary cuts from October 2024 to September 2025. Prices dropped, and May's average fell to $81.75.
Q3: China's demand slowdown sets the low
Brent recovered to an average of $85.15 in July, then fell steadily. Data showed Chinese oil demand weakening as electric vehicles and LNG-fuelled trucks spread, and US economic data softened in early August. A shutdown of much of Libya's output, after a dispute over control of its central bank from late August, offered only brief support. Brent spot fell to $70.31 on 11 September, the low for the year. On 5 September OPEC+ postponed its first output increase by two months, to December.
Q4: Escalation without disruption
Iran fired ballistic missiles at Israel on 1 October, and Brent briefly rose above $80. When Israel's retaliation on 26 October avoided Iran's oil and nuclear facilities, Brent futures fell about 6% on the next trading day. On 5 December OPEC+ delayed the increases again, to April 2025, and stretched the unwinding over 18 months to September 2026. Brent averaged $73.86 in December and ended the year at $74.58, slightly below where it started.
2024 highs and lows
| Brent | WTI | |
|---|---|---|
| First trading day | $76.24 (2 January 2024) | $70.62 (2 January 2024) |
| Annual high | $93.12 (12 April 2024) | $87.69 (5 April 2024) |
| Annual low | $70.31 (11 September 2024) | $66.73 (10 September 2024) |
| Last trading day | $74.58 (31 December 2024) | $72.44 (31 December 2024) |
Daily closing spot assessments from EIA series RBRTE and RWTC (via FRED). Futures settlements and intraday prices differ from these spot values.
How 2024 compares
The 2024 Brent average of $80.52 was $1.97 below 2023 and the second year of decline after the $100.93 peak in 2022. It was also one of the narrowest ranges in years: about $23 between the daily high and low, compared with about $26 in 2023. The Brent-WTI spread narrowed to $3.89 as record US output, which the EIA put above 13 million b/d, flowed to export markets. Geopolitical events moved prices only briefly. Each time, actual supply losses failed to appear, a pattern explained on our what moves oil prices page. Compare every year since 2000 in the oil price history table, or see the live oil price chart.
← Oil prices in 2023
Brent averaged $82.49: Saudi cuts and a September peak.
Oil prices in 2025 →
Brent averaged $69.14 as OPEC+ unwound its cuts.
Oil prices in 2024 FAQ
What was the average oil price in 2024?
Brent crude averaged $80.52 per barrel in 2024 and WTI averaged $76.63, according to EIA spot price data. Both were about $1–2 lower than in 2023. OPEC+ supply restraint offset slowing Chinese demand growth and rising output from the Americas.
What was the highest oil price in 2024?
Brent's highest daily spot price in 2024 was $93.12 per barrel on 12 April, as tensions between Iran and Israel peaked before Iran's 13 April attack. WTI's spot high was $87.69 on 5 April. Prices fell back once it became clear that Gulf oil supply was not affected.
What was the lowest oil price in 2024?
Brent's lowest daily spot price in 2024 was $70.31 per barrel on 11 September, and WTI's was $66.73 on 10 September. Weak Chinese demand data and softer US economic indicators drove the decline, prompting OPEC+ to delay its planned output increase.
Why did OPEC+ delay its output increases in 2024?
OPEC+ delayed returning its 2.2 million barrels per day of voluntary cuts in September and again in December 2024 because prices had fallen towards $70. Demand growth in China was slowing and non-OPEC+ supply was rising. The increases eventually began in April 2025.
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
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What Moves Oil Prices
What moves oil prices: OPEC+, inventories, demand, spare capacity, geopolitics, the dollar, rates, speculation and the futures curve.
Crude Oil Price Chart
Live crude oil price chart with Brent and WTI, from 1-minute to monthly timeframes. Includes indicators, long-term performance and a guide to reading oil charts.