As of July 2025, the average annual price of Brent crude oil stood at 71.79 U.S. dollars per barrel. This is over eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

Crude Oil fell to 62.27 USD/Bbl on September 22, 2025, down 0.21% from the previous day. Over the past month, Crude Oil's price has fallen 3.91%, and is down 11.51% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on September of 2025.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 68.25 U.S. dollars per barrel as of July. This would be eight U.S. dollars below the 2024 average and the lowest annual average since 2021. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

Brent rose to 67.60 USD/Bbl on September 23, 2025, up 1.55% from the previous day. Over the past month, Brent's price has fallen 1.74%, and is down 10.07% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on September of 2025.

Explore the significant volatility and fluctuations in crude oil prices between 2008 and 2018, driven by various factors including global economic conditions, geopolitical tensions, and changes in supply and demand dynamics. From the financial crisis to the rise of US shale oil production, discover the events and trends that shaped the rollercoaster ride of the oil market during this period.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of July. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Over the last several decades, the price of WTI crude oil has been affected by notable events and crises taking place throughout the world. The inflation adjusted price of one barrel of crude oil peaked shortly before the global financial crisis in 2008 at ****** real U.S. dollars. By the first quarter of 2009, the crude oil price had plummeted to ***** real U.S. dollars per barrel. By comparison, the through price during the coronavirus pandemic was ***** real U.S. dollars.

Switzerland Brent Crude Oil Price data was reported at 75.710 USD/Barrel in Oct 2018. This records a decrease from the previous number of 82.790 USD/Barrel for Sep 2018. Switzerland Brent Crude Oil Price data is updated monthly, averaging 25.785 USD/Barrel from Jan 1970 (Median) to Oct 2018, with 586 observations. The data reached an all-time high of 139.390 USD/Barrel in Jun 2008 and a record low of 2.230 USD/Barrel in Dec 1970. Switzerland Brent Crude Oil Price data remains active status in CEIC and is reported by Swiss National Bank. The data is categorized under Global Database’s Switzerland – Table CH.P002: Fuel Prices.

Explore the history of crude oil prices and the factors that influence them, from global demand and geopolitical events to economic conditions and industry trends. Learn about the highest recorded price in 2008, the effects of the financial crisis, and the recent impact of the COVID-19 pandemic. Discover how future prices are influenced by complex factors such as geopolitics, renewable energy, and carbon emissions policies.

CN: Import Price: Crude Oil: Africa: Mauritania data was reported at 763.328 USD/Ton in Jan 2013. This records an increase from the previous number of 707.680 USD/Ton for Aug 2012. CN: Import Price: Crude Oil: Africa: Mauritania data is updated monthly, averaging 672.187 USD/Ton from Jan 2008 (Median) to Jan 2013, with 13 observations. The data reached an all-time high of 878.853 USD/Ton in Jul 2008 and a record low of 331.919 USD/Ton in Apr 2009. CN: Import Price: Crude Oil: Africa: Mauritania data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PH: Crude Oil Import and Export Price.

Examining the 20-year chart of crude oil provides insights into its historical price movements and trends. This article explores the factors influencing crude oil prices, including supply and demand dynamics, geopolitical tensions, and economic indicators. It also discusses the significant shifts in the market, such as the impact of the global recession in 2008-2009 and the surge in shale oil production. However, predicting future crude oil prices remains challenging due to the complex nature of the industr

Abstract (en): Some analysts and economists recently warned that the United States economy faces a much higher risk of recession should the price of oil rise to $100 per barrel or more. In February 2008, spot crude oil prices closed above $100 per barrel for the first time ever, and since then they have climbed even higher. Meanwhile, according to some surveys of economists, it is highly probable that a recession began in the United States in late 2007 or early 2008. Although the findings in this paper are consistent with the view that the United States economy has become much less sensitive to large changes in oil prices, a simple forecasting exercise using Hamilton's model augmented with the first principal component of 85 macroeconomic variables reveals that a permanent increase in the price of crude oil to $150 per barrel by the end of 2008 could have a significant negative effect on the growth rate of real gross domestic product in the short run. Moreover, the model also predicts that such an increase in oil prices would produce much higher overall and core inflation rates in 2009 than most policymakers expect. A zipped package contains a programming syntax file (text format) and a Microsoft Excel file, which contains the data, tables, and corresponding figures used in the article.These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.

United States - Crude Oil Prices: Brent - Europe was 65.28000 $ per Barrel in May of 2025, according to the United States Federal Reserve. Historically, United States - Crude Oil Prices: Brent - Europe reached a record high of 143.95000 in July of 2008 and a record low of 9.10000 in December of 1998. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Crude Oil Prices: Brent - Europe - last updated from the United States Federal Reserve on September of 2025.

The article explores the factors that contributed to the all-time high price of crude oil in 2008, including global demand, geopolitical tensions, weakening US dollar, and speculative behavior. It also discusses the implications of high oil prices for oil-importing and oil-exporting countries.

Learn about the factors that influence crude oil prices and how they have fluctuated over the years, from record highs in 2008 to the significant decline caused by the COVID-19 pandemic in 2020. Discover the key drivers of price volatility and the future outlook for crude oil prices.

United States Crude Oil Price: EIA: FOB Cost of Imports: Persian Gulf Nations data was reported at 69.280 USD/Barrel in Aug 2018. This records a decrease from the previous number of 70.190 USD/Barrel for Jul 2018. United States Crude Oil Price: EIA: FOB Cost of Imports: Persian Gulf Nations data is updated monthly, averaging 25.390 USD/Barrel from Oct 1973 (Median) to Aug 2018, with 497 observations. The data reached an all-time high of 124.370 USD/Barrel in Jun 2008 and a record low of 3.160 USD/Barrel in Oct 1973. United States Crude Oil Price: EIA: FOB Cost of Imports: Persian Gulf Nations data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

United States - Crude Oil Prices: Brent - Europe was 68.13000 $ per Barrel in April of 2025, according to the United States Federal Reserve. Historically, United States - Crude Oil Prices: Brent - Europe reached a record high of 132.72000 in July of 2008 and a record low of 9.82000 in December of 1998. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Crude Oil Prices: Brent - Europe - last updated from the United States Federal Reserve on September of 2025.

United States - Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma was 68.39000 $ per Barrel in July of 2025, according to the United States Federal Reserve. Historically, United States - Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma reached a record high of 133.88000 in June of 2008 and a record low of 11.35000 in December of 1998. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma - last updated from the United States Federal Reserve on September of 2025.

United States Crude Oil Price: EIA: Domestic First Purchase data was reported at 62.870 USD/Barrel in Aug 2018. This records a decrease from the previous number of 67.000 USD/Barrel for Jul 2018. United States Crude Oil Price: EIA: Domestic First Purchase data is updated monthly, averaging 23.925 USD/Barrel from Jan 1974 (Median) to Aug 2018, with 536 observations. The data reached an all-time high of 128.080 USD/Barrel in Jul 2008 and a record low of 6.700 USD/Barrel in Sep 1974. United States Crude Oil Price: EIA: Domestic First Purchase data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

Dubai oil prices in , June, 2025 For that commodity indicator, we provide data from January 1960 to June 2025. The average value during that period was 33.05 USD per barrel with a minimum of 1.21 USD per barrel in January 1970 and a maximum of 131.22 USD per barrel in July 2008. | TheGlobalEconomy.com