As of June 2025, the average annual price of Brent crude oil stood at 71.91 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.

Brent fell to 69.48 USD/Bbl on August 1, 2025, down 3.10% from the previous day. Over the past month, Brent's price has risen 0.54%, but it is still 9.54% 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 August of 2025.

Crude Oil fell to 67.26 USD/Bbl on August 1, 2025, down 2.89% from the previous day. Over the past month, Crude Oil's price has fallen 0.28%, and is down 8.51% 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 August of 2025.

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.

United Kingdom BOE Forecast: Brent Crude Oil Price data was reported at 71.000 USD/Barrel in 2021. This records a decrease from the previous number of 74.000 USD/Barrel for 2020. United Kingdom BOE Forecast: Brent Crude Oil Price data is updated yearly, averaging 72.500 USD/Barrel from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 81.000 USD/Barrel in 2018 and a record low of 43.000 USD/Barrel in 2015. United Kingdom BOE Forecast: Brent Crude Oil Price data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.P009: Crude Oil and Gas Prices: Forecast.

After three years of growth, supplies from abroad of crude petroleum oil decreased by -2.9% to 50M tons in 2023.

UK oil and gas production has diminished over the past decade because old oil fields have matured while developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices, as growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024 but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

Price for Crude Oil and Processed Petroleum in the UK - 2023. Find the latest marketing data on the IndexBox platform.

Crude Oil Production in the United Kingdom decreased to 639 BBL/D/1K in March from 660 BBL/D/1K in February of 2025. This dataset provides the latest reported value for - United Kingdom Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Wholesale price for crude oil in the United Kingdom is projected to rise from ** to ** U.S. dollars per barrel between 2020 and 2035, respectively. Figures are expected to remain at ** U.S. dollars per barrel in 2040.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-07-21 about crude, oil, Europe, commodities, and price.

United States Crude Oil Price: EIA: FOB Cost of Imports: UK data was reported at 76.350 USD/Barrel in Jul 2007. This records an increase from the previous number of 62.040 USD/Barrel for Mar 2007. United States Crude Oil Price: EIA: FOB Cost of Imports: UK data is updated monthly, averaging 23.430 USD/Barrel from Mar 1977 (Median) to Jul 2007, with 238 observations. The data reached an all-time high of 76.350 USD/Barrel in Jul 2007 and a record low of 10.380 USD/Barrel in Jul 1986. United States Crude Oil Price: EIA: FOB Cost of Imports: UK 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.

In January 2023, the crude oil price stood at $662 per ton (CIF, United Kingdom), falling by -3.2% against the previous month.

Petroleum refining companies in the UK produce a wide variety of products. Fuels for transport and heating are the most common, with petroleum products for transport accounting for almost three-quarters of product demand. Industry revenue is expected to swell at a compound annual rate of 2.6% over the five years through 2024-25 to £50.7 billion, including a forecast dip of 0.2% in 2024-25, owing to staggering volatility in oil prices in recent years. The COVID-19 pandemic took its toll on the industry. Global border and travel restrictions dented both demand for fuel and fuel prices, weighing on revenue and profitability for refiners. However, this trend was quickly reversed following Russia's invasion of Ukraine in February 2022. This led to the UK and other major economies announcing they would wean themselves off Russian oil, leading to a sharp spike in oil prices over 2022-23 and, to a lesser degree, 2023-24. Strong oil price inflation translated into higher value sales for refined oil companies, paving the way for a strong recovery. A number of petroleum refiners have altered their production to focus on diesel as the new primary fuel. Both petrol and diesel face rising competition from alternatively fuelled vehicles due to their reduced emissions, lowering demand for oil-derived fuels. Industry revenue is forecast to climb at a compound annual rate of 6.1% over the five years through 2029-30 to £68.4 billion. Demand for petrol and diesel-fuelled vehicles is set to fall due to government initiatives designed to reduce emissions, including the extension of Clean Air Zones and the banning of new petrol and diesel cars by 2030. Demand for pure electric vehicles will continue to climb, presenting a significant threat to fuel demand in the long term.

Imports of Crude Oil in the United Kingdom increased to 2162 GBP Million in January from 1984 GBP Million in December of 2023. This dataset includes a chart with historical data for the United Kingdom Imports of Crude Oil.

Heating Oil fell to 2.29 USD/Gal on August 1, 2025, down 4.50% from the previous day. Over the past month, Heating Oil's price has fallen 4.95%, and is down 1.81% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on August of 2025.

In June 2025, the price for one barrel of West Texas Intermediate (WTI) crude oil averaged 68.17 U.S. dollars. This was an increase compared to the previous month which had seen the lowest figure in the past 24-month period. WTI and other benchmark crudes WTI is also known as "Texas light sweet", and is a grade of crude oil used as a benchmark for oil produced in the United States. It has an API gravity of around 39.6 and specific gravity of about 0.827, which, relative to other crude oils, is considered “light,” hence the name. WTI also contains about 0.24 percent sulfur, making it a “sweet” crude oil. The price of WTI can be compared to the prices other of crude oils, i.e. UK Brent, the OPEC basket, and Dubai Fateh oil. WTI crude oil is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. U.S. oil production and its influence on light oil prices The price development of WTI crude oil relative to Brent crude oil has been influenced by variances in U.S. crude oil transportation and increased U.S. oil production. New transportation infrastructure became operational in early 2013, easing the movement of crude oil in the mid-continent and raising the price of WTI. Since then, U.S. refineries have increased production of crude oil to record levels, also raising the price of WTI. Meanwhile, expedited crude transport in the U.S. put downward pressure on Brent crude oil as domestic crude replaced some imported Brent crude. Between 2014 and 2016, UK Brent prices dropped rapidly, as was the case for all other crude oils.

The UK crude oil market totaled $43B in 2024, surging by 9.3% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Crude oil consumption peaked at $48.1B in 2012; however, from 2013 to 2024, consumption remained at a lower figure.

Urals Oil rose to 68.86 USD/Bbl on July 31, 2025, up 0.32% from the previous day. Over the past month, Urals Oil's price has risen 11.84%, but it is still 8.49% 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.