Brent Crude Oil Price

How the brent crude oil price has moved across key timeframes. Change is calculated from the opening price of each period to the current price.

Brent crude is the world's most widely referenced oil price benchmark, used to price approximately two-thirds of internationally traded crude oil. Originally based on production from the Brent field in the North Sea, the benchmark now reflects a basket of North Sea crudes (Brent, Forties, Oseberg, Ekofisk, and Troll - collectively called BFOET). Brent futures trade on the Intercontinental Exchange (ICE) in London.

The Brent oilfield was discovered in 1971 and began production in 1976, operated by Shell. As North Sea production ramped up through the 1980s, Brent crude became the natural pricing reference for Atlantic Basin oil flows. ICE Brent futures launched in 1988 and quickly became the dominant global benchmark. As the original Brent field depleted, the benchmark evolved to incorporate additional North Sea streams, ensuring sufficient liquidity. Today, Brent is the reference price embedded in the vast majority of international crude oil supply contracts.

Like all crude oils, Brent is refined into gasoline, diesel, jet fuel, heating oil, and petrochemical feedstocks. Brent's particular importance lies in its role as a pricing mechanism - it underpins long-term supply contracts between national oil companies, commodity traders, and refiners worldwide. Asian refiners importing Middle Eastern crude, African crude exporters, and European refineries all price relative to Brent. The benchmark also anchors government fiscal planning in oil-producing nations.

The physical streams behind the Brent benchmark - Brent, Forties, Oseberg, Ekofisk, and Troll - collectively produce roughly 700,000 to 900,000 barrels per day from the UK and Norwegian North Sea. While this is modest relative to global output, the futures market built atop it dwarfs physical volumes, with ICE Brent open interest often exceeding 2.5 million contracts (2.5 billion barrels notional). The benchmark's credibility rests on transparent pricing, deep liquidity, and robust delivery mechanisms.

Brent futures are traded on ICE and quoted in USD per barrel. The primary drivers mirror those of WTI - OPEC+ policy, global demand growth, geopolitical risk, and the US dollar. However, Brent is more sensitive to international factors like Middle East tensions, Suez Canal disruptions, and Asian demand growth. The Brent-WTI spread widens when US supply is abundant (pushing WTI lower) or when international disruptions create scarcity outside North America. Platts and Argus publish daily Brent assessments that feed into physical contract pricing.

Investors can trade ICE Brent futures (1,000 barrels per contract), Brent-linked ETFs (such as BNO - the United States Brent Oil Fund), or options on Brent futures. Energy-sector equities, particularly European majors (Shell, BP, TotalEnergies) and Middle Eastern national oil companies with public listings (Saudi Aramco), offer correlated exposure. Spread trades between Brent and WTI are popular among sophisticated traders seeking to express views on relative supply-demand dynamics.