Brent fell to 68.29 USD/Bbl on July 4, 2025, down 0.52% from the previous day. Over the past month, Brent's price has risen 4.51%, but it is still 21.09% lower than a year ago, 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 July of 2025.

Interactive daily chart of Brent (Europe) crude oil prices over the last ten years. Values shown are daily closing prices.

As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some 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 a 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.

Graph and download economic data for Crude Oil Prices: Brent - Europe (WCOILBRENTEU) from 1987-05-15 to 2025-06-27 about crude, oil, Europe, commodities, and price.

The average spot price for West Texas Intermediate crude oil came to 76.63 U.S. dollars per barrel in 2024, a decrease of nearly one U.S. dollars compared to the previous year. The 2024 average spot price for Brent crude oil was 80.52 U.S. dollars. Both Brent and WTI are light crude oils, with the first used as a benchmark for gasoline prices around the world. Spot prices vs. future prices Spot prices refer to current market prices under which a commodity such as one barrel of crude oil may be bought for immediate delivery. In contrast, future prices refer to settlement and delivery at a later date. As a major refinery and storage hub, Cushing in Oklahoma is the delivery location for WTI traded via the New York Mercantile Exchange. When storage capacities threatened to reach their maximum capacity in April 2020, the WTI oil price crashed as a result, trading at record low prices. The WTI oil price fell into negative numbers for the first time in its history, closing out at negative 37.63 U.S. dollars per barrel on April 20th. The lowest value for Brent prices was 19.33 U.S. dollars per barrel. Influences on oil prices Oil prices are volatile commodities as their trading and delivery is heavily influenced by overall market development and geopolitical events. For example, the Russia-Ukraine war and resulting Russian sanctions brought about fears of supply bottlenecks, which pushed oil prices to decade-highs also reflected in the 2022 annual average.

On June 30, 2025, the Brent crude oil price stood at 66.64 U.S. dollars per barrel, compared to 65.11 U.S. dollars for WTI oil and 68.35 U.S. dollars for the OPEC basket. OPEC prices fell that week as concerns over supply constraints related to the Israel-Iran conflict eased.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Crude Oil fell to 66.46 USD/Bbl on July 4, 2025, down 0.56% from the previous day. Over the past month, Crude Oil's price has risen 4.87%, but it is still 20.09% lower than a year ago, 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 July of 2025.

Interactive monthly historical chart of Brent (Europe) crude oil prices since 1987. Prices shown are in US dollars per barrel.

In May 2025, the average price of one barrel of Brent crude oil was 64.45 U.S. dollars. This was nearly four U.S. dollars below prices the previous month and the lowest value in the past 24-month period, as demand for oil was expected to stagnate in the coming months. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past 20 years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

Graph and download economic data for Global price of Brent Crude (POILBREUSDM) from Jan 1990 to May 2025 about crude, oil, World, and price.

Historical dataset of daily Brent (Europe) crude oil prices over the last ten years. Values shown are daily closing prices.

Urals Oil rose to 64.31 USD/Bbl on July 3, 2025, up 1.18% from the previous day. Over the past month, Urals Oil's price has risen 8.43%, but it is still 21.00% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

Malaysia Brent Crude Oil Price data was reported at 61.650 MYR/MMBtu in Mar 2025. This records an increase from the previous number of 60.180 MYR/MMBtu for Feb 2025. Malaysia Brent Crude Oil Price data is updated monthly, averaging 50.300 MYR/MMBtu from Jan 2014 (Median) to Mar 2025, with 135 observations. The data reached an all-time high of 102.750 MYR/MMBtu in May 2022 and a record low of 14.420 MYR/MMBtu in Apr 2020. Malaysia Brent Crude Oil Price data remains active status in CEIC and is reported by Energy Commission. The data is categorized under Global Database’s Malaysia – Table MY.P006: Fuel Price. [COVID-19-IMPACT]

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. 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.

Graph and download economic data for Global price of Brent Crude (POILBREUSDQ) from Q1 1990 to Q1 2025 about crude, oil, World, and price.

Browse Brent Crude American-style Options (BRN) market data. Get instant pricing estimates and make batch downloads of binary, CSV, and JSON flat files.

ICE Futures Europe iMpact is the primary data feed for ICE Futures Europe and covers 50% of worldwide crude and refined oil futures trading, as well as other options and futures contracts like natural gas, power, coal, emissions, and soft commodities. This dataset includes all commodities on ICE Futures Europe—all listed outrights, spreads, options, and options combinations across every expiration month. Interest rates and financial products are not included at this time and will be part of a separate dataset.

Asset class: Futures, Options

Origin: Captured at Aurora DC3 with an FPGA-based network card and hardware timestamping. Synchronized to UTC with PTP

Supported data encodings: DBN, CSV, JSON (Learn more)

Supported market data schemas: MBO, MBP-1, MBP-10, TBBO, Trades, OHLCV-1s, OHLCV-1m, OHLCV-1h, OHLCV-1d, Definition, Statistics (Learn more)

Resolution: Immediate publication, nanosecond-resolution timestamps

Ecuador Crude Oil: Price: Average: Petroleum BRENT data was reported at 64.030 USD/Barrel in Jun 2019. This records a decrease from the previous number of 70.850 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Petroleum BRENT data is updated monthly, averaging 76.520 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 125.330 USD/Barrel in Mar 2012 and a record low of 30.750 USD/Barrel in Jan 2016. Ecuador Crude Oil: Price: Average: Petroleum BRENT data remains active status in CEIC and is reported by Central Bank of Ecuador. The data is categorized under Global Database’s Ecuador – Table EC.P001: Crude Oil Prices.

Browse Brent Crude Futures (BRN) market data. Get instant pricing estimates and make batch downloads of binary, CSV, and JSON flat files.

ICE Europe Commodities iMpact is the primary data feed for ICE Europe Commodities and covers 50% of worldwide crude and refined oil futures trading, as well as other options and futures contracts like natural gas, power, coal, emissions, and soft commodities. This dataset includes all commodities on ICE Europe Commodities—all listed outrights, spreads, options, and options combinations across every expiration month. Interest rates and financial products are not included at this time and will be part of a separate dataset.

Asset class: Futures, Options

Origin: Captured at Aurora DC3 with an FPGA-based network card and hardware timestamping. Synchronized to UTC with PTP

Supported data encodings: DBN, CSV, JSON (Learn more)

Supported market data schemas: MBO, MBP-1, MBP-10, TBBO, Trades, OHLCV-1s, OHLCV-1m, OHLCV-1h, OHLCV-1d, Definition, Statistics (Learn more)

Resolution: Immediate publication, nanosecond-resolution timestamps

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 68.24 U.S. dollars per barrel, as of May. 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 crude oil is projected to have an average annual spot price of 65.85 U.S. dollars per barrel in 2025, according to a forecast from May 2025. This would mean a decrease of nearly 15 U.S. dollars compared to the previous year, and also reflects a reduced forecast WTI crude oil price. Lower economic activity, an increase in OPEC+ production output, and uncertainty over trade tariffs all impacted price forecasting. All about Brent Also known as Brent Blend, London Brent, and Brent petroleum, Brent Crude is a crude oil benchmark named after the exploration site in the North Sea's Brent oilfield. It is a sweet light crude oil but slightly heavier than West Texas Intermediate. In this context, sweet refers to a low sulfur content and light refers to a relatively low density when compared to other crude oil benchmarks. Price development in the 2020s Oil prices are volatile, impacted by consumer demand and discoveries of new oilfields, new extraction methods such as fracking, and production caps routinely placed by OPEC on its member states. The price for Brent crude oil stood at an average of just 42 U.S. dollars in 2020, when the coronavirus pandemic resulted in a sudden demand drop. Two years later, sanctions on Russian energy imports, had pushed up prices to a new decade-high, above 100 U.S. dollars per barrel.