Oil Price in Israel — Brent & WTI Crude Today

Israel produces negligible crude and imports most of its oil, though large offshore gas fields now meet much of its power demand. Transport fuel still tracks Mediterranean Brent-linked product markets.

Classified here as a net importer, Israel trades against the Dubai/Oman average, with Brent for westbound cargoes. 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 Israel settles at.

Israel 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.

Official selling prices for Asian buyers are set as a differential to the Dubai/Oman average, while cargoes heading west are priced against Brent. The Brent–Dubai spread therefore steers which direction barrels flow.

Israel refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.

Crude is invoiced in US dollars, so buyers in Israel face two prices at once: the Brent price and the ILS exchange rate. A weakening ILS raises the local cost of a barrel even when Brent is flat, which is why domestic fuel prices in currency-exposed markets often fail to fall when the benchmark does. The reference rate used in the estimates on this site is 3.7 ILS per USD.