Business Desk – Crude Oil Price Today: Crude oil prices are falling for the third consecutive day today i.e. on 18 September 2026. In early trading on Friday, WTI crude was around $ 101 per barrel and Brent crude was around $ 104 per barrel.
Saudi Arabia's preparations to partially restart an important pipeline soon and reduced concerns about oil supplies from the Middle East have put pressure on prices. However, tensions in the region have not completely subsided and crude oil still remains above $100 per barrel.
This fall in oil prices may bring some relief to India, but at present it cannot be considered a big relief. India imports a large portion of its crude oil needs and the crude import bill above $100 is putting pressure on oil companies' margins and inflation.
Pressure on oil due to hope of peace talks
Signs of diplomatic efforts to reduce Middle East tensions are also influencing the crude oil market. The news of the possibility of US President Donald Trump meeting the leaders of Gulf countries in New York next week has created hopes in the market that ways can be found to reduce tensions. However, there is no clarity yet regarding any permanent peace agreement.
Supply concerns reduced as Saudi Arabia's pipeline restarts
The supply was disrupted after the drone attack on Saudi Arabia's East-West pipeline. Now Saudi Arabia is preparing to restore about half of its capacity in a few days. It is estimated to take about six weeks to reach full capacity.
Apart from this, Saudi Arabia is also trying to send additional crude oil to Asia via Oman. This has reduced the immediate supply risk in the market.
However, there remains uncertainty regarding supply due to risks related to the Strait of Hormuz and the ongoing conflict in the Middle East. Therefore, despite a slight decline, oil prices remain at a high level.
What will be the impact on India?
India is included among the major Crude Oil Importer countries of the world. Therefore, the increase or decrease in the price of crude oil in the international market affects India's import bill. During the recent rally, the price of Indian crude oil basket had reached around $115.98 per barrel on September 9. This increased the pressure on the fuel marketing margins of oil companies.
Now the fall in WTI and Brent may provide some relief to Indian oil companies. But prices are still above $100 a barrel, so the pressure is not completely over. On September 18, retail prices of petrol and diesel also remained stable in major cities of the country.
Petrol and diesel prices still stable
Despite sharp fluctuations in the prices of crude oil in the international market, there was no change in the prices of petrol and diesel in major cities including Delhi and Mumbai on September 18. Government oil companies review prices daily at 6 am.
If the price of oil remains above $100 for a long time and the prices of domestic petrol and diesel do not increase in the same proportion, then the pressure on the margins of Oil Marketing Companies i.e. OMCs may increase. According to analysts, there is pressure of loss on marketing margins of petrol and diesel in September.
Oil companies have already suffered huge losses
Due to high crude oil prices and no change in domestic fuel prices, financial pressure on government oil companies has increased. In the April-June quarter of 2026, the three government OMCs together had recorded a loss of about Rs 74,781 crore. Analysts have said that if crude remains above $95-100 for a long time, there may be further pressure on the margins of companies.
Inflation may also be affected
A sustained decline in crude oil prices could be a positive sign for India, as it could further reduce pressure on import costs and fuel-related expenses. But if tensions increase again in the Middle East and oil supply is disrupted, prices may rise again. Apart from petrol and diesel, it can also affect transport cost, manufacturing and inflation.
At present, the market is eyeing the restoration of the Saudi pipeline, the situation in the Strait of Hormuz and the ongoing diplomatic efforts in the Middle East. Despite two-three days of fall in oil prices, crude remaining above $100 per barrel is still a major concern for India.
