Crude Oil Spikes Above $108 as Gold Gains and Silver Drops

Oil prices rallied sharply as Brent topped $108 per barrel, while gold posted modest gains and Bitcoin held above $81,000.

Energy commodities led global market moves on October 18, 2026, as international benchmark crude oil prices surged sharply higher, while precious metals presented a mixed picture and major cryptocurrencies logged modest gains. A softening US Dollar Index provided underlying support to dollar-denominated assets across global trading floors.

Crude oil surges as Brent hits $108

Oil prices posted significant upside performance during trading sessions, driven by heavy buying in energy contracts. Front-month Brent crude oil surged by 2.97% to reach $108.83 per barrel, having ranged between $108.75 and $110.25 over the day, up from its previous close of $105.69.

US West Texas Intermediate (WTI) crude oil recorded an even steeper gain, jumping 4.34% to settle at $98.23 per barrel. WTI moved between a daily low of $98.20 and a high of $99.16, compared to its previous closing price of $94.14. The sharp advance in energy prices comes as market participants closely monitor supply conditions and shipping dynamics across key international transit routes.

Precious metals diverge as gold rises and silver drops

In precious metals, front-month COMEX gold advanced 0.45% to stand at $4,196.30 per ounce, rising from its previous close of $4,177.30. Gold traded within a narrow intraday band between $4,176.00 and $4,199.20. The steady firming in international gold contracts continues to influence domestic bullion pricing, including the gold rate today in India.

Conversely, COMEX silver experienced noticeable selling pressure, falling 2.92% to settle at $57.44 per ounce. Silver pulled back from its previous close of $59.16, traversing a daily range between $56.90 and $57.56. Meanwhile, the US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, dropped 0.25% to 101.93 after trading between 101.79 and 102.01.

Crypto markets post modest gains led by Bitcoin

Digital assets traded in positive territory over a 24-hour window, albeit with contained volatility across top tokens. Bitcoin (BTC) edged up 0.51% to trade at $81,696.00, sustaining its elevated trading zone.

Ethereum (ETH) ticked higher by 0.08% to $2,393.61. Altcoins posted slightly stronger percentage gains, with Solana (SOL) advancing 0.82% to $103.79 and XRP climbing 0.75% to reach $1.30 over the 24-hour reporting period.

Key price levels and daily changes

• Brent Crude Oil: $108.83 (+2.97%, Day Range: $108.75–$110.25)
• WTI Crude Oil: $98.23 (+4.34%, Day Range: $98.20–$99.16)
• COMEX Gold: $4,196.30 (+0.45%, Day Range: $4,176.00–$4,199.20)
• COMEX Silver: $57.44 (-2.92%, Day Range: $56.90–$57.56)
• US Dollar Index (DXY): 101.93 (-0.25%, Day Range: 101.79–102.01)
• Bitcoin (BTC): $81,696.00 (+0.51% 24h)

What this means for investors

The sharp increase in crude oil prices carries direct macroeconomic implications for import-dependent economies like India. Higher international crude prices generally push up India’s import bill, potentially exerting depreciation pressure on the Indian rupee (INR) and raising input costs for energy-intensive domestic sectors like paints, logistics, aviation, and chemicals. Indian equity investors typically monitor elevated Brent levels above $100 as a potential headwind for domestic retail inflation and headline corporate margins.

For commodity investors, gold’s persistence near historic highs reflects ongoing demand for store-of-value assets amid global currency fluctuations. However, the pullback in silver underscores short-term volatility in industrial metals. Crypto market stability near recent highs indicates steady holding behavior among digital asset investors, though macro factors like dollar strength and global interest rate expectations remain primary sentiment drivers.

Frequently asked questions

Why does a rise in crude oil prices affect Indian stock markets? India imports over 80% of its crude oil needs. Elevated crude prices increase the country’s trade deficit, put pressure on the rupee, and elevate domestic inflationary pressures, which can weigh on equity market valuations.

How does a declining US Dollar Index impact commodities? Commodities such as crude oil and gold are priced in US dollars globally. When the dollar index weakens, these assets become relatively less expensive for buyers holding other currencies, which typically supports prices.

This article is for information only and is not investment advice. Do your own research or consult a licensed adviser before investing.

Based on information published by MoneyPuran market data. Source: MoneyPuran market data. Spotted an error? corrections@moneypuran.com