US A5211 |Business Environment Profile

World price of crude oil in the US - Data and Analysis (1980-2032)

Name: World price of crude oil - Business Environment Profile
Creator: IBISWorld
License: https://www.ibisworld.com/about/termsofuse/

IBISWorld Platform API Data Access Integration Partners

The world price of crude oil is expected to average $93.59 per barrel in 2026, representing a 38.2% increase from the $67.74 per barrel recorded in 2025. This increase is being driven by hostilities that broke out in Iran in late February 2026. A major consequence of these hostilities has been that the Strait of Hormuz, a major bottleneck for shipments out of the Persian Gulf, has effectively been closed to most shipping. This has been driving up oil prices as the market has been pricing in expectations of a future shortage; as the conflict has dragged on, that shortage has become more imminent, and the risk that oil prices will be higher for longer has increased.Prior to the conflict in Iran, the global oil market was facing oversupply, characterized by OPEC+ production increases, rising non-OPEC output, and concerns about demand growth. Saudi Arabia, the world's largest oil exporter, slashed December crude prices for Asian buyers in response to oversupply conditions, signaling expectations of continued price pressure.The five-year period from 2021 to 2026 witnessed extraordinary volatility in crude oil prices. The compound annual growth rate of 2.6% during this period masks dramatic year-to-year swings driven by the COVID-19 pandemic, geopolitical conflicts, and shifts in production policy. In 2020, prices collapsed to $41.77 per barrel as pandemic lockdowns decimated global fuel demand and storage capacity approached limits. The subsequent recovery saw prices surge to $69.25 in 2021 and peak at $96.36 in 2022, driven by post-pandemic demand recovery, Russia's invasion of Ukraine, and Western sanctions on Russian energy exports. A June memorandum of understanding briefly looked like it would reopen the strait, but July has seen a renewal of hostilities.The 2023-2024 period brought renewed price volatility, with crude averaging $80.60 in 2023 before moderating to $79.17 in 2024. OPEC+ maintained production discipline through voluntary cuts, with Saudi Arabia bearing the largest reductions to support prices. However, rising output from Iran and Venezuela, both exempt from OPEC+ quotas, along with strong U.S. shale production that reached near-record levels of 13.6 million barrels per day, offset these cuts. The transition to 2025 saw accelerating price declines as OPEC+ members began unwinding voluntary production cuts.

Unlock access

Unlock the most recent data and analysis

Curious about what drives these trends? IBISWorld's analyst coverage on the world price of crude oil includes detailled analysis on the current performance, outlook and industries affected.

World price of crude oil

1980-2032

Export API CSV PNG

Request a demo Download sample

Already have an account? Log in

Estimated Value in 2026

$XX

2021-26 CAGR XX%

2025-26 Change XX%

Forecast Value in 2032

$XX

2026-32 CAGR XX%

2026-27 Change XX%

The world price of crude oil represents the benchmark price for petroleum in international markets, measured in nominal U.S. dollars per barrel. This metric reflects a composite or weighted average of major pricing benchmarks, including Brent crude (the European benchmark), West Texas Intermediate (WTI, the U.S. benchmark), and the OPEC basket. Crude oil pricing reflects the intersection of global supply dynamics, geopolitical events, OPEC+ production decisions, inventory levels, refining capacity constraints, and macroeconomic conditions. Data is sourced from the International Monetary Fund.

Export API CSV PNG

Access this data your way

IBISWorld Industry Reports are available in multiple formats to fit seamlessly into your workflow.

IBISWorld Platform

Answer any industry question in minutes with our entire database at your fingertips.

Start a platform tour

Screen of code example for the IBISWorld api

API Data Delivery

Feed trusted, human-driven industry intelligence straight into your platform.

View API documentation

IBISWorld Data integration with a Client user interface

Integrations

Streamline your workflow with IBISWorld’s intelligence built into your toolkit.

View integrations

Industries related to this market

Explore industries with similar markets, supply chains, and economic drivers to gain broader context and insights.

Related Industries

Export

Industry	Country	Last 5-yr CAGR	Forecast 5-year CAGR	Revenue
Gasoline & Petroleum Bulk Stations in the US	United States	XX%	XX%	$XX
Oil Field Drilling Services in the US	United States	XX%	XX%	$XX
Gas Stations with Convenience Stores in the US	United States	XX%	XX%	$XX
Mining in the US	United States	XX%	XX%	$XX
Dye & Pigment Manufacturing in the US	United States	XX%	XX%	$XX
Oil & Gas Field Services in the US	United States	XX%	XX%	$XX
Ethanol Fuel Production in the US	United States	XX%	XX%	$XX
Fuel Retailing in the US	United States	XX%	XX%	$XX
Gasoline & Petroleum Wholesaling in the US	United States	XX%	XX%	$XX
Hybrid & Electric Vehicle Manufacturing in the US	United States	XX%	XX%	$XX
Hydraulic Fracturing Services in the US	United States	XX%	XX%	$XX
Mining, Oil & Gas Machinery Manufacturing in the US	United States	XX%	XX%	$XX
Oil & Gas Extraction in the US	United States	XX%	XX%	$XX
Oil Pipeline Transportation in the US	United States	XX%	XX%	$XX
Petroleum Refining in the US	United States	XX%	XX%	$XX
Bioplastics Manufacturing in the US	United States	XX%	XX%	$XX
Commodity Contracts Intermediation in the US	United States	XX%	XX%	$XX
Cooking Oil Recycling in the US	United States	XX%	XX%	$XX
Lubricant & Other Petroleum Product Manufacturing in the US	United States	XX%	XX%	$XX
Offshore Oil Rig & Platform Construction in the US	United States	XX%	XX%	$XX
Oil & Gas Drilling Equipment Manufacturing in the US	United States	XX%	XX%	$XX
Oil & Gas Pipeline Construction in the US	United States	XX%	XX%	$XX
Petrochemical Manufacturing in the US	United States	XX%	XX%	$XX
Plastic Bottle Manufacturing in the US	United States	XX%	XX%	$XX
Bicycle Retailing & Repair in the US	United States	XX%	XX%	$XX
Boat Sales & Repair in the US	United States	XX%	XX%	$XX
Fleet Telematics Systems in the US	United States	XX%	XX%	$XX
Hand Sanitizer Manufacturing in the US	United States	XX%	XX%	$XX
Manufacturing in the US	United States	XX%	XX%	$XX
Oil, Gas & Mining Consultants in the US	United States	XX%	XX%	$XX
Packaged Frozen Food Wholesaling in the US	United States	XX%	XX%	$XX
Personal Watercraft Manufacturing in the US	United States	XX%	XX%	$XX
Plastic & Rubber Machinery Manufacturing in the US	United States	XX%	XX%	$XX
Plastic Product Manufacturing in the US	United States	XX%	XX%	$XX
Private Jet Charters in the US	United States	XX%	XX%	$XX
Public School Bus Services in the US	United States	XX%	XX%	$XX
Public Transportation in the US	United States	XX%	XX%	$XX
RV & Camper Van Rental in the US	United States	XX%	XX%	$XX
Trailer & RV Repair Services in the US	United States	XX%	XX%	$XX
Travel Insurance in the US	United States	XX%	XX%	$XX
Automobile Metal Stamping in the US	United States	XX%	XX%	$XX
Automobile Steering & Suspension Manufacturing in the US	United States	XX%	XX%	$XX
Barbecue Charcoal Manufacturing in the US	United States	XX%	XX%	$XX
Car Sharing Providers in the US	United States	XX%	XX%	$XX
Charter Flights in the US	United States	XX%	XX%	$XX
Classic Car Dealers in the US	United States	XX%	XX%	$XX
Domestic Airlines in the US	United States	XX%	XX%	$XX
Energy & Utility Consulting Services in the US	United States	XX%	XX%	$XX
Fishing in the US	United States	XX%	XX%	$XX
Local Freight Trucking in the US	United States	XX%	XX%	$XX
Marinas in the US	United States	XX%	XX%	$XX
Motor Oil Manufacturing in the US	United States	XX%	XX%	$XX
Plastic Film, Sheet & Bag Manufacturing in the US	United States	XX%	XX%	$XX
Recyclable Material Wholesaling in the US	United States	XX%	XX%	$XX
Truck Dealers in the US	United States	XX%	XX%	$XX
Tugboat & Shipping Navigational Services in the US	United States	XX%	XX%	$XX
Air Ambulance Services in the US	United States	XX%	XX%	$XX
Airline Catering Services in the US	United States	XX%	XX%	$XX
Armored Transportation Services in the US	United States	XX%	XX%	$XX
Automobile Towing in the US	United States	XX%	XX%	$XX
Automotive Coatings Manufacturing in the US	United States	XX%	XX%	$XX
Automotive Glass Manufacturing in the US	United States	XX%	XX%	$XX
Campgrounds & RV Parks in the US	United States	XX%	XX%	$XX
Chemical Product Manufacturing in the US	United States	XX%	XX%	$XX
Commercial Aircraft Leasing in the US	United States	XX%	XX%	$XX
Cruise Line Operators in the US	United States	XX%	XX%	$XX
Dumpster Rental in the US	United States	XX%	XX%	$XX
Fishing Boat Charter in the US	United States	XX%	XX%	$XX
Long-Distance Freight Trucking in the US	United States	XX%	XX%	$XX
Mobile Storage Services in the US	United States	XX%	XX%	$XX
Moving Services in the US	United States	XX%	XX%	$XX
Ocean & Coastal Transportation in the US	United States	XX%	XX%	$XX
Oil Change & Other Automotive Maintenance in the US	United States	XX%	XX%	$XX
Online Hardware & Tool Sales in the US	United States	XX%	XX%	$XX
Parking Lots & Garages in the US	United States	XX%	XX%	$XX
Recreational Vehicle Manufacturing in the US	United States	XX%	XX%	$XX
Refined Petroleum Pipeline Transportation in the US	United States	XX%	XX%	$XX
Specialized Storage & Warehousing in the US	United States	XX%	XX%	$XX
Stevedoring & Marine Cargo Handling in the US	United States	XX%	XX%	$XX
Synthetic Fiber Manufacturing in the US	United States	XX%	XX%	$XX
Transportation & Warehousing in the US	United States	XX%	XX%	$XX
Truck Trailer & Motor Home Manufacturing in the US	United States	XX%	XX%	$XX
Warehouse Clubs & Supercenters in the US	United States	XX%	XX%	$XX
Automobile & Light-Duty Motor Vehicle Manufacturing in the US	United States	XX%	XX%	$XX
Automobile Transmission Manufacturing in the US	United States	XX%	XX%	$XX
Automotive Repair & Maintenance in the US	United States	XX%	XX%	$XX
Car Wash & Auto Detailing in the US	United States	XX%	XX%	$XX
Dredging Services in the US	United States	XX%	XX%	$XX
Dry Dock & Cargo Inspection Services in the US	United States	XX%	XX%	$XX
Forestry Support Services in the US	United States	XX%	XX%	$XX
Gas Pipeline Transportation in the US	United States	XX%	XX%	$XX
Grocery Wholesaling in the US	United States	XX%	XX%	$XX
Intermodal Container Leasing in the US	United States	XX%	XX%	$XX
Janitorial Equipment Supply Wholesaling in the US	United States	XX%	XX%	$XX
Local Specialized Freight Trucking in the US	United States	XX%	XX%	$XX
Nonmetallic Mineral Product Manufacturing in the US	United States	XX%	XX%	$XX
Organic Basic Chemical Manufacturing in the US	United States	XX%	XX%	$XX
Screw, Nut & Bolt Manufacturing in the US	United States	XX%	XX%	$XX
Toll Roads & Weigh Stations in the US	United States	XX%	XX%	$XX
Used Car Dealers in the US	United States	XX%	XX%	$XX