Oil Prices in 2025
Brent crude averaged $69.14 per barrel in 2025 and WTI $65.39, the lowest annual averages since 2020. Brent peaked at $83.48 on 15 January and ended the year near $61, a fall of about 19% from the first trading day, as OPEC+ returned barrels to a market already supplied by growing non-OPEC output.
| Month | Brent | WTI | Brent − WTI | Brent (relative) |
|---|---|---|---|---|
| January | $79.27 | $75.74 | $3.53 | |
| February | $75.44 | $71.53 | $3.91 | |
| March | $72.73 | $68.24 | $4.49 | |
| April | $68.13 | $63.54 | $4.59 | |
| May | $64.45 | $62.17 | $2.28 | |
| June | $71.44 | $68.17 | $3.27 | |
| July | $71.04 | $68.39 | $2.65 | |
| August | $67.87 | $64.86 | $3.01 | |
| September | $67.99 | $63.96 | $4.03 | |
| October | $64.54 | $60.89 | $3.65 | |
| November | $63.80 | $60.06 | $3.74 | |
| December | $62.54 | $57.97 | $4.57 | |
| 2025 average | $69.14 | $65.39 | $3.75 |
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 2025, quarter by quarter
Q1: Russia sanctions spike, then a steady slide
On 10 January the US Treasury, together with the UK, imposed blocking sanctions on Gazprom Neft and Surgutneftegas and on 183 vessels, the largest package yet aimed at Russia's "shadow fleet". The UK government estimated the two producers pump more than 1 million barrels per day. Brent spot reached its high for the year, $83.48, five days later. The premium did not last. Russian barrels kept flowing through new channels, and Brent averaged $79.27 in January, $75.44 in February and $72.73 in March.
Q2: Tariffs, faster OPEC+ hikes and the Israel-Iran war
On 2 April the US announced sweeping "Liberation Day" tariffs. A day later, eight OPEC+ members agreed to raise May output targets by 411,000 barrels per day, three monthly increments at once, as part of unwinding their 2.2 million b/d voluntary cut. Brent futures fell about 6% on 3 April. The group repeated 411,000 b/d increases for June and July, and the monthly Brent average dropped to $64.45 in May, its lowest since early 2021.
Israel's strikes on Iran from 13 June and the US strikes on Iranian nuclear sites on 22 June briefly added a risk premium. Oil flows through the Strait of Hormuz were not disrupted, and prices eased again after the ceasefire of 24 June. Even so, June's average jumped to $71.44.
Q3: The 2.2 million b/d cut is fully returned
OPEC+ raised targets by about 555,000 b/d for both August and September, completing the return of the 2.2 million b/d cut a year earlier than the schedule set in December 2024. On 7 September the eight countries began unwinding a second layer, the 1.65 million b/d cut from April 2023, with a smaller 137,000 b/d increase for October. Brent held a narrow range around $68 because Chinese stockbuilding absorbed much of the extra supply.
Q4: Rosneft and Lukoil sanctions, then a pause
On 22 October the US sanctioned Rosneft and Lukoil, Russia's two largest oil companies, and Brent futures rose more than 5% the next day. The rally faded as traders focused on surplus forecasts. On 2 November OPEC+ agreed a final 137,000 b/d increase for December and a pause for January to March 2026, after raising targets by about 2.9 million b/d since April. Brent averaged $62.54 in December and touched its low for the year, $59.93, on 16 December.
2025 highs and lows
| Brent | WTI | |
|---|---|---|
| First trading day | $76.14 (2 January 2025) | $73.79 (2 January 2025) |
| Annual high | $83.48 (15 January 2025) | $80.73 (15 January 2025) |
| Annual low | $59.93 (16 December 2025) | $55.44 (16 December 2025) |
| Last trading day | $61.35 (31 December 2025) | $57.26 (31 December 2025) |
Daily closing spot assessments from EIA series RBRTE and RWTC (via FRED). Futures settlements and intraday prices differ from these spot values.
How 2025 compares
Brent's 2025 average was $11.38 lower than in 2024 ($80.52) and the third consecutive annual decline from the 2022 peak of $100.93. The Brent-WTI spread averaged $3.75, close to 2024's $3.89. WTI stayed below Brent all year. Record US output and rising exports from Brazil, Guyana and Canada kept the Atlantic Basin well supplied, as described on our what moves oil prices page. For the full series since 2000, see the oil price history table. For today's level, see the live Brent price.
The low prices of late 2025 did not last. Oil moved sharply higher in 2026. The month-by-month record is on the 2026 oil price history page.
← Oil prices in 2024
Brent averaged $80.52: Middle East tensions and delayed OPEC+ hikes.
Oil prices in 2026 →
Month-by-month Brent and WTI prices for the current year.
Oil prices in 2025 FAQ
What was the average oil price in 2025?
According to EIA spot price data, Brent crude averaged $69.14 per barrel in 2025 and WTI averaged $65.39. Both were the lowest annual averages since 2020 and about $11 below their 2024 levels, as OPEC+ unwound production cuts while non-OPEC supply kept growing.
What was the highest oil price in 2025?
Brent's highest daily spot price in 2025 was $83.48 per barrel on 15 January, days after the US and UK sanctioned Gazprom Neft, Surgutneftegas and 183 tankers. WTI also peaked on 15 January, at $80.73. Prices then fell for most of the year.
What was the lowest oil price in 2025?
Brent's lowest daily spot price in 2025 was $59.93 per barrel on 16 December, and WTI's was $55.44 on the same day. Both lows came after OPEC+ had raised output targets by about 2.9 million barrels per day since April and forecasters were expecting a supply surplus in 2026.
Why did oil prices fall in 2025?
Oil fell in 2025 mainly because OPEC+ returned more than 2.2 million barrels per day of curtailed output much faster than planned. Supply from the US, Brazil, Guyana and Canada also kept rising, and US tariffs announced in April raised fears for global demand growth.
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.
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.