The rise in oil prices The price of oil in trading on the world market on Thursday fell with hopes for peace talks, reduced by the severity of new concerns about the disruption of oil supplies in the Middle East, and lost some of the previous day's price increase. Brent crude oil futures fell 85 cents, equivalent to 0.7%, to $114 and 47 cents per barrel. West Texas Intermediate (WTI) crude futures fell $1.13, or 1.1%, to $101.65 a barrel.