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    Brent crude oil

    Also known as Brent, Brent crude, Dated Brent, ICE Brent, North Sea Brent

    Brent is a price benchmark for light, sweet crude from the North Sea, and EIA calls it the most widely used global crude benchmark.[1][2] In 2026 the war that began on 28 February and the near-closure of the Strait of Hormuz pushed the Brent spot price from $71.32 per barrel on 27 February to a high of $138 on 7 April.[3][4] As of 6 October 2026 it stood at $125.44.[5]

    Editor reviewedStrict sourcingUpdated Markets and tradingWorld affairs
    Key facts

    Brent is the name for a family of crude oil prices tied to North Sea production. EIA calls it the most widely used global crude benchmark, and many other crudes are priced at a differential to benchmarks like it.[1][6] This page is general information, not financial advice.

    What Brent measures

    Brent prices refer to a basket of North Sea crude grades: Brent, Forties, Oseberg, Ekofisk and Troll. Output from those fields has been declining slowly, so in 2023 most Brent price assessments began to include WTI crude priced at Midland, Texas.[2] EIA counts Brent, WTI and Dubai/Oman as three of the most important crude benchmarks.[7] Brent is used to price light, sweet crude traded in Europe, the Mediterranean, Africa, Australia and parts of Asia.[1] Other crudes are sold at an agreed differential to a benchmark.[6]

    Spot versus futures

    There are two main ways to quote Brent. The ICE Brent futures contract on the Intercontinental Exchange is the most widely used measure. Dated Brent is the spot price for physical cargoes loading from North Sea terminals on specific dates.[8] The futures contract is deliverable through exchange for physical, with an option to cash settle against the ICE Brent Index.[9]

    Normally the two prices are close and move together.[10] In 2026 they came apart. In early April, Dated Brent traded more than $25 per barrel above the front-month futures contract. EIA attributed the gap to buyers scrambling for prompt cargoes after the Strait of Hormuz closed.[11] In September 2026 the IEA quoted ICE Brent futures at $105 per barrel while physical benchmarks traded much higher, with Dated reaching $113.48 on 9 September.[12][13] The EIA daily series used on this site is a spot price.[5]

    Brent in 2026

    Brent averaged $69 per barrel in 2025.[14] Before the war, EIA expected it to average $58 in 2026 because supply was running ahead of demand.[15] The conflict that began on 28 February changed that.[16] Brent rose about 65% by the end of March, which the World Bank called its largest monthly rise on record.[17] It reached $138 on 7 April.[4]

    Prices then swung with the diplomacy. After a US-Iran memorandum of understanding on 18 June, Brent averaged $85 in June. On 2 July it fell to $68.53, below its pre-war level.[18][19][20] Renewed constraints on Hormuz transits and attacks on Saudi Arabia’s East-West pipeline then pushed it back up, to an average of $114 in September.[21][22][23] The spot price was $135.51 on 2 October and $125.44 on 6 October.[24][5] For the full dated record, see the oil prices tracker.

    Forecasts

    EIA’s October 2026 outlook forecasts that Brent will average $105 per barrel in the fourth quarter of 2026, $96 for the whole of 2026 and $84 in 2027. These are EIA’s forecasts, not ours.[25][26] EIA’s administrator has said its forecasts depend on how long the Hormuz closure lasts and how reopening unfolds.[27] The 2026 outlook analysis compares EIA’s view with those of the IEA and OPEC.

    Questions readers ask

    What is Brent crude?

    Brent is a benchmark price for light, sweet crude based on a basket of North Sea grades (Brent, Forties, Oseberg, Ekofisk and Troll), to which WTI priced at Midland, Texas, was added in 2023. EIA calls it the most widely used global crude benchmark.[2][1]

    Why do different websites show different Brent prices?

    Some quote ICE Brent futures, which price oil for delivery in later months, and others quote Dated Brent, the spot price for physical cargoes. Normally the gap is small, but in early April 2026 Dated Brent traded more than $25 per barrel above front-month futures.[8][10][11]

    What was the Brent price in October 2026?

    EIA's daily data put the Brent spot price at $135.51 per barrel on 2 October 2026 and $125.44 on 6 October, the latest day available.[24][5]

    Why is Brent so much higher than WTI in 2026?

    EIA said Brent rose more than WTI because it is more exposed to higher shipping costs and reduced Middle East oil flows to Asia. The spread averaged $12 per barrel in March 2026.[29]

    Is this page investment advice?

    No. It describes published prices and attributed forecasts; EIA itself says its forecasts depend heavily on assumptions about the Strait of Hormuz.[27]

    Sources

    Each numbered claim is a statement we checked against the sources listed with it. Status shows how well established it is.

    1. [1]

      EIA calls Brent the most widely used global crude oil benchmark, used to price light, sweet crude in Europe, the Mediterranean, Africa, Australia and parts of Asia. confirmedas of 2026-10-10

    2. [2]

      Brent prices refer to a basket of North Sea grades (Brent, Forties, Oseberg, Ekofisk and Troll), and in 2023 most Brent price assessments began incorporating WTI priced at Midland, Texas, because North Sea output was declining. confirmedas of 2026-04-24

    3. [3]

      On 27 February 2026, the last trading day before the conflict began, the Brent spot price was $71.32 per barrel and WTI was $66.96. confirmedas of 2026-02-27

    4. [4]

      Brent reached $138 per barrel on 7 April 2026, its 2026 high to date, and averaged $117 in April as the de facto closure of the Strait of Hormuz tightened supply. confirmedas of 2026-04-30

    5. [5]

      As of 6 October 2026, the latest day in EIA's daily data, the Brent spot price was $125.44 per barrel and the WTI spot price was $96.24. confirmedas of 2026-10-06

    6. [6]

      Benchmark crudes make it easier to price the many crude grades produced worldwide; other crudes are priced at an agreed differential to a benchmark. confirmedas of 2026-10-10

    7. [7]

      EIA describes Brent, West Texas Intermediate (WTI) and Dubai/Oman as three of the most significant benchmarks in global crude oil markets. confirmedas of 2026-10-10

    8. [8]

      The ICE Brent futures contract, traded on the Intercontinental Exchange, is the most widely used measure of the Brent price; Dated Brent refers to the spot market for physical North Sea cargoes loading on specific dates. confirmedas of 2026-04-24

    9. [9]

      The ICE Brent Crude futures contract is deliverable through exchange for physical (EFP), with an option to cash settle against the ICE Brent Index. confirmedas of 2026-10-10

    10. [10]

      Under normal conditions the gap between Dated Brent and front-month Brent futures is narrow and both move together; spot prices better reflect buyers' scramble for immediate cargoes. confirmedas of 2026-04-24

    11. [11]

      In early April 2026 the Dated Brent spot price rose to a premium of more than $25 per barrel over the front-month Brent futures contract, which EIA attributed to extreme short-term tightness after the Strait of Hormuz closure. confirmedas of 2026-04-24

    12. [12]

      In its September 2026 report the IEA said ICE Brent futures traded at $105 per barrel, 45% above pre-war levels, while physical benchmarks were significantly higher. confirmedas of 2026-09-11

    13. [13]

      The IEA reported that North Sea Dated averaged $91.00 per barrel in August 2026 before surging to $113.48 on 9 September, with backwardation at extreme levels. confirmedas of 2026-09-11

    14. [14]

      Brent averaged $69 per barrel in 2025, according to EIA. confirmedas of 2026-10-06

    15. [15]

      In its February 2026 outlook, before the Middle East conflict, EIA forecast Brent would average $58 per barrel in 2026 and $53 in 2027 as global production exceeded demand. confirmedas of 2026-02-28· forecast

    16. [16]

      The Middle East conflict that began on 28 February 2026, involving Iran on one side and the United States and Israel on the other, impeded oil flows through the Strait of Hormuz. confirmedas of 2026-03-20

    17. [17]

      The World Bank said Brent rose about 65% ($46 per barrel) by the end of March 2026, its largest monthly rise on record, and called the Hormuz closure the largest oil market disruption in history. confirmedas of 2026-03-31

    18. [18]

      On 18 June 2026 the United States and Iran signed a memorandum of understanding to end the conflict and open the Strait of Hormuz. confirmedas of 2026-07-31

    19. [19]

      Brent averaged $85 per barrel in June 2026, down $22 from May and $32 from April. confirmedas of 2026-06-30

    20. [20]

      The Brent spot price fell to $68.53 per barrel on 2 July 2026, below its pre-war level of late February. confirmedas of 2026-07-02

    21. [21]

      In August 2026 EIA raised its estimates of Middle East shut-ins because of continued severe constraints on Strait of Hormuz transits. confirmedas of 2026-08-11

    22. [22]

      Attacks in September 2026 on Saudi Arabia's East-West pipeline, which EIA estimated had carried more than 5 million barrels per day of exports via Yanbu, temporarily halted flows; the pipeline partially resumed flows as of 22 September. confirmedas of 2026-10-06

    23. [23]

      Brent reached $131 per barrel on 15 September 2026 and averaged $114 in September, $23 higher than August. confirmedas of 2026-10-06

    24. [24]

      The Brent spot price was $135.51 per barrel on 2 October 2026, while the WTI spot price was $97.89. confirmedas of 2026-10-02

    25. [25]

      EIA's October 2026 outlook forecasts Brent will average $105 per barrel in the fourth quarter of 2026, $14 higher than its September forecast, and $84 in 2027. confirmedas of 2026-10-06· forecast

    26. [26]

      EIA's October 2026 outlook forecasts annual averages of $96 per barrel for Brent and $88 for WTI in 2026, and $84 for Brent and $80 for WTI in 2027. confirmedas of 2026-10-06· forecast

    27. [27]

      EIA's administrator said in April 2026 that its petroleum forecasts depend on the duration of the Hormuz closure, estimated production outages and how reopening unfolds. confirmedas of 2026-04-07

    28. [28]

      EIA says OPEC members maintain the world's spare crude production capacity (output that can be brought online within 30 days and sustained for 90 days) and describes it as an indicator of the market's ability to respond to supply disruptions. confirmedas of 2026-10-10

    29. [29]

      The Brent-WTI spread averaged $12 per barrel in March 2026 because Brent was more exposed to higher shipping costs and reduced Middle East flows to Asia. confirmedas of 2026-04-07

    Revision history (1)
    1. Page created.

    Created Oct 10, 2026. Last reviewed by an editor on Oct 10, 2026. Next scheduled review: Nov 15, 2026.

    Cite this page

    "Brent crude oil." ContentLora, updated Oct 10, 2026. https://contentlora.com/wiki/brent-crude

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