Brent Crude Oil Price, May 2026
Brent crude averaged $107.14 per barrel in May 2026 and WTI $102.13, according to EIA spot data. Brent fell 25% over the month, from a high of $118.26 on 1 May to a low of $92.88 on 29 May, as US-Iran talks raised hopes of a deal that would reopen the Strait of Hormuz.
| Benchmark | Average | High | Low | First close | Last close | Change vs prior month-end |
|---|---|---|---|---|---|---|
| Brent (Europe spot FOB) | $107.14 | $118.26 (1 May) | $92.88 (29 May) | $118.26 (1 May) | $92.88 (29 May) | -25.2% |
| WTI (Cushing spot) | $102.13 | $112.25 (18 May) | $91.16 (29 May) | $105.38 (1 May) | $91.16 (29 May) | -16.1% |
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.
May 2026 in numbers
May was the month the gap between the benchmarks closed. WTI averaged $102.13, its highest monthly average of 2026, and peaked at $112.25 on 18 May. The Brent-WTI spot spread narrowed to $5.01 on average, from about $17 in April, as US exports filled part of the gap left by Gulf crude. No Brent spot price was published for 4 May (UK bank holiday) or 25 May (UK and US holidays).
Physical supply was at its tightest. In its October 2026 Short-Term Energy Outlook, the EIA estimates that Middle East crude production shut-ins peaked at 10.9 million b/d in May. Prices fell anyway, because traders began to price in a deal rather than the current shortage.
What moved oil in May 2026
- 5–6 May: "great progress". President Trump cited "great progress" in talks with Iran. On reports that a deal was near, WTI futures fell more than 6% on 6 May, and Brent briefly dipped below $100. Brent spot dropped from $114.51 to $103.70.
- 11–19 May: talks stall. Without a deal, prices recovered. Brent spot reached $116.73 on 18 May and WTI spot peaked at $112.25 the same day.
- 20–22 May: weekly loss. Prices fell back. Brent futures settled at $103.54 on 22 May, down 5.5% for the week, and WTI fell 8.4% for the week (Reuters).
- 25–29 May: Rubio signals a deal. US Secretary of State Marco Rubio said negotiators had "a pretty solid thing on the table". Brent futures fell 5.5% to about $97.90 on 25 May. Oil fell more than 5% again on 27 May after Rubio said the talks would be given every chance. Brent spot ended the month at its low of $92.88.
Pricing the deal, not the shortage
In May the market priced in a deal while supply was still at its tightest. Brent fell about $25 while shut-ins peaked. This is how futures markets usually behave: they price expected supply over the coming months, not the current shortage. For forecasts from the EIA, the World Bank and banks, see oil price forecast. Live quotes are on the WTI price and Brent price pages.
Daily Brent and WTI prices, May 2026
| Date | Brent | Brent daily change | WTI | Brent minus WTI |
|---|---|---|---|---|
| Fri 1 May | $118.26 | −5.98 | $105.38 | +12.88 |
| Mon 4 May | n/a | – | $109.76 | – |
| Tue 5 May | $114.51 | −3.75 | $105.66 | +8.85 |
| Wed 6 May | $103.70 | −10.81 | $98.75 | +4.95 |
| Thu 7 May | $101.82 | −1.88 | $98.38 | +3.44 |
| Fri 8 May | $103.48 | +1.66 | $98.87 | +4.61 |
| Mon 11 May | $106.11 | +2.63 | $101.56 | +4.55 |
| Tue 12 May | $111.37 | +5.26 | $105.78 | +5.59 |
| Wed 13 May | $110.28 | −1.09 | $104.52 | +5.76 |
| Thu 14 May | $110.91 | +0.63 | $104.66 | +6.25 |
| Fri 15 May | $113.96 | +3.05 | $108.99 | +4.97 |
| Mon 18 May | $116.73 | +2.77 | $112.25 | +4.48 |
| Tue 19 May | $114.64 | −2.09 | $112.09 | +2.55 |
| Wed 20 May | $108.93 | −5.71 | $101.69 | +7.24 |
| Thu 21 May | $105.84 | −3.09 | $100.20 | +5.64 |
| Fri 22 May | $106.90 | +1.06 | $100.35 | +6.55 |
| Tue 26 May | $102.75 | −4.15 | $97.63 | +5.12 |
| Wed 27 May | $97.11 | −5.64 | $92.35 | +4.76 |
| Thu 28 May | $95.47 | −1.64 | $92.65 | +2.82 |
| Fri 29 May | $92.88 | −2.59 | $91.16 | +1.72 |
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.
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May 2026 oil price FAQ
What was the Brent crude oil price in May 2026?
Brent spot averaged $107.14 per barrel in May 2026 (EIA). It started the month at $118.26 on 1 May and ended at $92.88 on 29 May, a fall of 25%, as talks between the US and Iran raised hopes of reopening the Strait of Hormuz.
What was the highest oil price in May 2026?
Brent spot peaked at $118.26 per barrel on 1 May 2026. WTI spot peaked later, at $112.25 on 18 May, its highest close since April (EIA). WTI averaged $102.13 in May, its highest monthly average of 2026 so far, as US crude exports filled part of the Gulf gap.
Why did oil prices fall in May 2026?
Prices fell on expectations of a US-Iran agreement. Reports of "great progress" on 5–6 May and comments by Secretary of State Rubio on 25 and 27 May each triggered drops of 5% or more, although Middle East shut-ins peaked at 10.9 million b/d that month (EIA).
How wide was the Brent-WTI spread in May 2026?
The spot spread averaged about $5.01 per barrel in May 2026, down from roughly $17 in April, according to EIA data. Brent fell faster than WTI on hopes of reopening Hormuz, while strong demand for US crude exports supported WTI.
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