Crude Oil Price, March 2026: Brent and WTI
Crude oil prices had their biggest monthly rise on record in March 2026. Brent spot averaged $103.13 per barrel and WTI $91.38 (EIA). Brent climbed from $77.24 on 2 March to $126.69 on 31 March, after strikes on Iran on 28 February brought tanker traffic through the Strait of Hormuz to a near halt.
| Benchmark | Average | High | Low | First close | Last close | Change vs prior month-end |
|---|---|---|---|---|---|---|
| Brent (Europe spot FOB) | $103.13 | $126.69 (31 March) | $77.24 (2 March) | $77.24 (2 March) | $126.69 (31 March) | +77.6% |
| WTI (Cushing spot) | $91.38 | $104.69 (30 March) | $71.13 (2 March) | $71.13 (2 March) | $102.86 (31 March) | +53.6% |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
All prices on this page are EIA spot assessments: Brent is the physical North Sea price (see Dated Brent) and WTI is the Cushing, Oklahoma spot price. Since the Strait of Hormuz closed in March, physical Brent has often traded far above the front-month ICE Brent futures price quoted in news headlines, so a headline "Brent price" for a given day can be several dollars, at times more than $25, lower than the figures here.
March 2026 in numbers
Brent spot rose 78% over the month, from $71.32 at the end of February to $126.69. WTI rose 54%, with a high of $104.69 on 30 March. Measured on futures, the World Bank puts Brent's March gain at about 65% ($46/bbl), the largest monthly rise ever. The EIA calls the first quarter's rise, from $61/b to $118/b in front-month futures, the largest quarterly increase in inflation-adjusted terms in data going back to 1988.
Brent rose much faster than WTI because the disruption hit seaborne Middle East crude, while US barrels kept flowing. The spot spread averaged $11.75 in March, and the EIA reports that the Brent-WTI spread peaked at $25/b on 31 March. This was the widest gap in more than a decade (see Brent vs WTI).
What moved oil in March 2026
- 28 February – 6 March: Hormuz closes. After the 28 February strikes, the EIA describes a "de facto closure" of the Strait of Hormuz. Brent spot jumped to $77.24 on 2 March and $95.74 on 6 March. WTI spot rose 36% in a single week, from $66.96 to $90.77.
- 9–10 March: a brief pullback. Prices fell after President Trump floated taking control of the strait, and Brent spot dropped to $89.84 on 10 March.
- 12 March: Brent above $100. According to the EIA, Brent passed $100/b on 12 March, its first time above that level since 2022, and "continued to generally increase throughout the month".
- 13–20 March: Gulf producers shut in output. With export routes blocked, Saudi Arabia (reported 13 March) and the UAE (16 March) cut production, and Iraq declared force majeure (20 March), according to Reuters reports cited by the EIA. The World Bank estimates global oil supply fell by 10.1 million b/d in March.
- 27–31 March: new highs. Brent spot moved above $120 on 27 March and closed the month at $126.69 on 31 March. US retail gasoline reached $3.99 a gallon and diesel $5.40 on 30 March (EIA).
How March 2026 compares with past oil shocks
The World Bank ranks March 2026 as Brent's largest monthly rise on record, ahead of the 1990 Gulf crisis and March 2022, when Brent briefly hit $139 after Russia invaded Ukraine. The difference was physical: an estimated 10 million b/d of supply was lost within weeks, against spare capacity that was itself mostly behind the closed strait. See oil price history for earlier shocks and what moves oil prices for the supply-shock mechanism.
Daily Brent and WTI prices, March 2026
| Date | Brent | Brent daily change | WTI | Brent minus WTI |
|---|---|---|---|---|
| Mon 2 March | $77.24 | +5.92 | $71.13 | +6.11 |
| Tue 3 March | $83.28 | +6.04 | $74.48 | +8.80 |
| Wed 4 March | $81.56 | −1.72 | $74.58 | +6.98 |
| Thu 5 March | $88.59 | +7.03 | $80.88 | +7.71 |
| Fri 6 March | $95.74 | +7.15 | $90.77 | +4.97 |
| Mon 9 March | $94.35 | −1.39 | $94.65 | −0.30 |
| Tue 10 March | $89.84 | −4.51 | $83.71 | +6.13 |
| Wed 11 March | $90.98 | +1.14 | $86.80 | +4.18 |
| Thu 12 March | $102.38 | +11.40 | $95.61 | +6.77 |
| Fri 13 March | $103.23 | +0.85 | $98.48 | +4.75 |
| Mon 16 March | $101.04 | −2.19 | $93.39 | +7.65 |
| Tue 17 March | $108.39 | +7.35 | $96.01 | +12.38 |
| Wed 18 March | $118.09 | +9.70 | $96.12 | +21.97 |
| Thu 19 March | $111.05 | −7.04 | $96.11 | +14.94 |
| Fri 20 March | $118.42 | +7.37 | $98.71 | +19.71 |
| Mon 23 March | $103.79 | −14.63 | $89.33 | +14.46 |
| Tue 24 March | $108.42 | +4.63 | $93.18 | +15.24 |
| Wed 25 March | $109.14 | +0.72 | $91.51 | +17.63 |
| Thu 26 March | $113.39 | +4.25 | $96.18 | +17.21 |
| Fri 27 March | $121.47 | +8.08 | $101.26 | +20.21 |
| Mon 30 March | $121.88 | +0.41 | $104.69 | +17.19 |
| Tue 31 March | $126.69 | +4.81 | $102.86 | +23.83 |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
Previous and next month
← February 2026
Brent and WTI averages, highs, lows and drivers for February.
All of 2026
Monthly averages for every month of 2026 in one table.
April 2026 →
Brent and WTI averages, highs, lows and drivers for April.
March 2026 oil price FAQ
What was the crude oil price in March 2026?
Brent spot averaged $103.13 per barrel in March 2026 and WTI $91.38, according to the EIA. Brent ranged from $77.24 on 2 March to $126.69 on 31 March, as the Strait of Hormuz closure cut Gulf exports. Brent rose about 78% over the month.
When did Brent go above $100 in 2026?
Brent crude passed $100 a barrel on 12 March 2026, according to the EIA, about two weeks after US and Israeli strikes on Iran halted most tanker traffic through the Strait of Hormuz. EIA spot data show Brent at $102.38 that day, against $71.32 on 27 February.
Why did oil prices rise so much in March 2026?
Shipping through the Strait of Hormuz largely stopped after the 28 February strikes on Iran. Saudi Arabia, the UAE and Iraq then shut in production. The World Bank estimates that global supply fell 10.1 million barrels per day in March, the largest disruption in the market's history.
How wide was the Brent-WTI spread in March 2026?
The spot spread averaged about $11.75 per barrel in March 2026, and the EIA reports that it peaked at $25 on 31 March. This was the widest in more than a decade. US crude was not directly exposed to the Hormuz disruption, so WTI rose less than Brent.
Related pages
2026
Brent and WTI crude oil prices in 2026 month by month, with averages, highs and lows and the events driving oil this year, updated monthly.
Brent Crude Oil Price
Current Brent crude oil price live in USD per barrel, with a real-time chart, ICE Brent contract facts and what is driving today's move.
WTI Crude Oil Price
Current WTI crude oil price live in USD per barrel, with a real-time chart, NYMEX contract facts, Cushing delivery and key US drivers.
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.