Oil Price in Iceland — Brent & WTI Crude Today

Iceland produces no oil and imports all of its petroleum, though geothermal and hydro supply nearly all of its electricity. Transport and fishing fleets still depend on Brent-linked fuel imports.

Classified here as a net importer, Iceland trades against Dated Brent. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Iceland settles at.

Iceland produces no meaningful volume of crude, so every barrel consumed has to be bought at an internationally set price. That makes the Brent benchmark a direct input into the trade balance: a sustained move in crude shows up in the current account, in the currency, and eventually in domestic inflation.

Dated Brent is the reference for Atlantic Basin, European and West African trade, so the headline Brent price maps fairly directly onto import and export contracts here.

Iceland has no significant refining capacity, so it imports finished fuel rather than crude. Its pump prices follow product cargo quotations — which include the exporting refiner's margin and the freight for the route — so local prices can rise even in weeks when Brent is falling, if refining margins or shipping rates are tightening.

Crude is invoiced in US dollars worldwide. Where local prices are quoted in dollars or in a dollar-pegged currency, that removes one layer of volatility: buyers in Iceland face the crude move on its own, without an exchange-rate move stacked on top of it.