Oil Price in Türkiye — Brent & WTI Crude Today

Turkey has only minor crude production and imports most of its oil from Russia, Iraq, and the region. The straits and Ceyhan port make it a transit hub, with fuel prices tied to Brent-linked European markets.

Classified here as a net importer, Türkiye 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 Türkiye settles at.

Türkiye 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.

Türkiye runs refining capacity at export scale. That changes the exposure profile completely: the country buys crude and sells products, so what matters is the refining margin — the crack spread between the crude it takes in and the gasoline, diesel and jet it ships out — rather than the crude price on its own. A high Brent price with wide cracks can be a better outcome here than cheap crude with collapsed margins.

Crude is invoiced in US dollars, so buyers in Türkiye face two prices at once: the Brent price and the TRY exchange rate. A weakening TRY 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 34 TRY per USD.