WTI crude oil fell about 21% in 2025, from $72.44 a barrel at the end of 2024 to $57.26 on December 31, 2025, according to the EIA's Cushing spot price. The annual average was $65.39, down from $76.63 in 2024 and the lowest since 2021. Record US production and OPEC+'s decision to return withheld barrels outweighed a brief war-driven spike in June.
2025 at a Glance
| Annual average (WTI spot) | $65.39 |
| Annual average (Brent spot) | $69.14 |
| High (WTI spot) | $80.73 on January 15 |
| Low (WTI spot) | $55.44 on December 16 |
| Year-end (December 31) | $57.26 |
| US crude production | 13.6 million b/d (record) |
Sources: EIA spot price series RWTC and RBRTE (release of September 30, 2026); EIA Today in Energy.
Quarter by Quarter
January: the high of the year
WTI started the year in the low $70s and peaked at $80.73 on January 15, after the outgoing Biden administration announced sweeping sanctions on Russian oil producers and tankers on January 10. The rally faded as Russian exports kept flowing.
April: tariffs and OPEC+ shock
The biggest move of the year came in early April. After the US announced broad new tariffs on April 2, WTI fell from $72.12 to $60.04 by April 8 as markets priced in slower global growth. At the same time OPEC+ began unwinding its 2.2 million b/d of voluntary cuts — starting with 138,000 b/d in April, then accelerating to 411,000 b/d a month for May, June and July. WTI's spot low for the first half was $58.50 on May 5.
June: the twelve-day war
Israel's strikes on Iran on June 13 and the US strikes on Iranian nuclear sites on June 22 briefly revived fears for Gulf supply. WTI rose from $68.73 on June 12 to a high of $75.89 on June 18, but fell back to $65.45 by June 24 once a ceasefire took hold and oil flows through the Strait of Hormuz proved unaffected.
Second half: OPEC+ keeps adding barrels
OPEC+ completed the return of the 2.2 million b/d tranche with increases of about 548,000 b/d for August and September, then began unwinding a second, 1.65 million b/d tranche at 137,000 b/d a month from October, before pausing increases for the first quarter of 2026. With inventories building, WTI slid to its low of $55.44 on December 16.
Supply: Record US Output
US crude oil production averaged a record 13.6 million b/d in 2025, up from 13.2 million b/d in 2024, according to the EIA. The Permian Basin in West Texas and southeastern New Mexico accounted for 48% of the total and grew by about 280,000 b/d to 6.6 million b/d. Producers kept output rising even as the rig count fell, thanks to longer laterals and more efficient completions. At the same time, the Dallas Fed's March 2025 Energy Survey found that executives needed about $65 WTI, on average, to profitably drill a new well — so prices in the high $50s late in the year squeezed new drilling. Read more in our US shale basins guide.
What 2025 Set Up for 2026
Going into 2026, forecasters expected the surplus to grow: the EIA's February 2026 outlook projected Brent averaging about $58. That outlook was overturned within weeks when the Iran war closed the Strait of Hormuz at the end of February 2026 — see what the pre-war outlook got wrong and the WTI price history page for 2026 monthly averages.
Sources
- EIA — Cushing, OK WTI spot price (daily, monthly, annual)
- EIA — U.S. crude oil production rose in 2025, setting new record
- Dallas Fed — Energy Survey, March 2025
- OPEC — press release on voluntary production adjustments (May 3, 2026)
Disclaimer: This article is for general information only and is not investment advice. Trading oil, futures and energy securities involves substantial risk of loss.