What the Brent crude oil price measures
Brent is a blend of light, sweet crude oils from the North Sea and the reference price for most of the oil traded internationally. This chart shows the Europe Brent spot price in US dollars per barrel, as reported by the Energy Information Administration, averaged over each month since 1987.
How to read this chart
Brent and the US benchmark WTI move together, but the gap between them shifts. Brent usually trades a few dollars above WTI because it is easy to ship by sea; the gap widened to more than $20 in 2011, when US output outgrew pipeline capacity out of Cushing, Oklahoma. Spikes tend to follow supply shocks in the Middle East or Russia, and slumps come with recessions or price wars among producers.
The latest reading in context
- At $123.93, the latest reading is above its 5-year average of $85.22 and above its 10-year average of $72.34.
- That is higher than 99% of all monthly readings since June 1987 – near the top of its historical range.
- Direction: up 8.6% over the past month; up 5.7% over the past six months; up 92.0% over the past year.
- The highest value on record is $132.72 (July 2008, 18 years ago); the lowest is $9.83 (December 1998, 28 years ago).
- The full history spans 4 US recessions, shaded grey on the chart.
Why it matters
Because most of the world’s oil is priced off Brent, it sets fuel costs in Europe, Asia and Africa and feeds directly into global inflation. In the US it has a strong influence on gasoline prices along the coasts, which rely more on seaborne and imported crude than the interior does.
What moves the Brent crude oil price
- OPEC+ production quotas
- Global demand, especially from China and India
- Geopolitical risk in the Middle East and Russia
- US shale exports
- Shipping and refinery disruptions
Key moments in its history
- 1990Spiked after Iraq invaded Kuwait.
- Jul 2008Monthly average above $130, a record.
- 2014–2016Fell from over $100 to about $30 as supply surged.
- Apr 2020Monthly average below $20 as pandemic lockdowns cut demand.
- Jun 2022Averaged above $120 after Russia’s invasion of Ukraine.
Brent Crude Oil Prices data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | $76.92 | $123.93 | $18.38 |
| 2010s | $79.56 | $125.45 | $30.70 |
| 2000s | $49.55 | $132.72 | $18.69 |
| 1990s | $18.35 | $36.02 | $9.83 |
| 1980s | $17.03 | $20.25 | $12.41 |
Last 12 months
| Period | Value | Change |
|---|---|---|
| Oct 2026 | $123.93 | +8.6% |
| Sep 2026 | $114.16 | +25.3% |
| Aug 2026 | $91.08 | +8.7% |
| Jul 2026 | $83.76 | −1.9% |
| Jun 2026 | $85.40 | −20.3% |
| May 2026 | $107.14 | −8.7% |
| Apr 2026 | $117.29 | +13.7% |
| Mar 2026 | $103.13 | +45.5% |
| Feb 2026 | $70.89 | +6.4% |
| Jan 2026 | $66.60 | +6.5% |
| Dec 2025 | $62.54 | −2.0% |
| Nov 2025 | $63.80 | −1.1% |
Monthly values. Decade figures are averages of the monthly values in each decade. The complete history is available as a CSV file.
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Brent Crude Oil Prices: questions and answers
What is the difference between Brent and WTI?
Both are light, sweet crudes. WTI is priced at Cushing, Oklahoma and is the US benchmark; Brent is priced in the North Sea and is the global benchmark. Brent usually costs a few dollars more because it can easily be shipped to buyers around the world.
Why is oil priced in dollars?
International oil contracts have been settled in US dollars since the 1970s. As a result, a weaker dollar tends to push oil prices up and a stronger dollar pushes them down.
Where does the data on this chart come from?
From the U.S. Energy Information Administration. ChartWidgets downloads the series (DCOILBRENTEU) from FRED, the Federal Reserve Bank of St. Louis database, and checks for new releases every day. The last update was on November 4, 2026.