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    By Volodymyr Kravchenko Updated

    Brent Β· Global benchmark Β· OPEC+

    Brent Crude Oil

    The global crude benchmark β€” its drivers, and how it relates to US WTI.

    Oil hubWTI CrudeBrent–WTI SpreadBrent FAQ: name, price history, $200

    Brent is the main global crude oil benchmark, priced through ICE Brent futures. The ICE contract is 1,000 barrels and offers EFP delivery with an option to cash settle against the ICE Brent Index on the last trading day. Brent is driven by global supply and demand and OPEC decisions, and moves closely with WTI, with a spread that changes over time.

    Live chart

    Global benchmark, ICE-based. Live chart by TradingView.

    chart by TradingView. Loading it connects your browser to TradingView, which may set cookies. Privacy

    Open Brent on TradingViewDrawing tools, indicators, alerts Β· affiliate link

    Live Brent crude chart. Powered by TradingView.

    Price history

    Oil's biggest moments

    Six turning points. Tap a card to see what happened.

    1. 1973 Γ—4in months The first oil shock How did one embargo quadruple the price?

      The Arab oil embargo of 1973–74 roughly quadrupled the posted price of crude, from about $3 to about $12 a barrel, and made oil a geopolitical weapon.

      What moves oil prices
    2. Jul 2008 $147a barrel The all-time high Has oil ever hit $200?

      WTI traded at $147.27 intraday on 11 July 2008 and Brent near $147.50. That is still the nominal record: oil has never reached $200.

      The $200 question
    3. Dec 2008 <$40five months later The crash How far can oil fall in five months?

      After the financial crisis hit, crude fell from above $140 to below $40 a barrel by December 2008, one of the fastest collapses on record.

      Gas at $40 oil
    4. 2011–13 $100+three years The $100 plateau Can oil stay above $100 for years?

      Brent averaged more than $100 a barrel in 2011, 2012 and 2013, the longest stretch at that level so far.

      What $110 oil means at the pump
    5. 20 Apr 2020 βˆ’$37.63WTI settlement Oil below zero Why would anyone pay you to take oil?

      With storage at Cushing, Oklahoma filling up during lockdowns, the expiring May WTI futures contract settled at βˆ’$37.63. Sellers paid buyers to take delivery.

      Watch Cushing stocks weekly
    6. Mar 2022 $139Brent intraday The war spike How close did Brent get to the record?

      After Russia's invasion of Ukraine, Brent touched about $139 on 7 March 2022, within $9 of the 2008 high.

      Brent: drivers and chart

    Nominal prices, not adjusted for inflation. Sources: EIA, ICE, CME, as cited in our Brent explainer.

    What moves Brent crude oil

    Global demand

    As the international benchmark, Brent tracks global economic growth and demand expectations.

    OPEC and supply decisions

    Production targets set by OPEC members directly change global supply, and the EIA notes prices historically tend to rise when targets are cut. Compliance is not perfect and disruptions also matter.

    Geopolitics and disruptions

    Unexpected disruptions such as geopolitical events, equipment failures or natural disasters can reduce supply and add risk premium (EIA).

    Expectations and the US dollar

    Oil prices reflect expected future supply and demand, and being dollar-priced they are exposed to dollar moves, usually as a background factor.

    How Brent crude oil relates to other markets

    These are tendencies observed in market data, not rules. They can weaken or reverse, especially during risk events.

    • WTI Closely related; the Brent–WTI spread reflects US-specific supply and transport factors.
    • US Dollar Index (DXY) Background factor for dollar-priced commodities.

    Where to check the current state

    Marlin does not print prices or levels here, because they go stale. Use the live chart above and these official sources. Sources last checked .

    What could change this view

    • A change in OPEC output decisions would change the supply picture for both benchmarks.
    • A widening or narrowing Brent–WTI spread may signal US-specific supply or transport changes rather than a global shift.
    • Contract rollovers can distort charts; check which contract month you are looking at.

    Related to Brent crude oil

    Frequently asked questions

    What is Brent crude oil?

    Brent is the main global crude benchmark. It is traded mainly through ICE Brent futures.

    How does the ICE Brent contract settle?

    ICE describes a deliverable contract based on EFP delivery with an option to cash settle against the ICE Brent Index price on the last trading day. Each contract is 1,000 barrels.

    What is the difference between Brent and WTI?

    Brent is the global benchmark and WTI the US benchmark, delivered at Cushing, Oklahoma. They move closely together, but the differential between them changes over time.

    How much does OPEC matter for oil?

    The EIA states OPEC countries produce about 35% of the world's crude oil and account for around 50% of oil traded internationally, so its decisions are a key supply factor.

    How this page was prepared

    Contract facts are quoted from ICE; supply facts from EIA. The North Sea origin of the benchmark is background knowledge, not separately sourced here. Relationships are Marlin analysis, described as tendencies. No prices are shown. Anything that could not be verified against a current official source is marked VERIFY CURRENT DATA. Read the full methodology and editorial policy.

    Sources (4)

    Show

    Official or primary sources used for the facts above. Figures and terms change, so check the source before acting on them.

    1. ICE (Intercontinental Exchange) β€” Brent Crude FuturesContract size and settlement method.Accessed
    2. U.S. Energy Information Administration β€” OPEC β€” supply and pricesOPEC's role in supply and what drives crude prices.Accessed
    3. U.S. Energy Information Administration β€” Crude oil prices β€” what drives themCrude streams move closely together, with persistent differentials between grades.Accessed
    4. U.S. Energy Information Administration β€” Weekly Petroleum Status ReportWeekly US supply data: stocks, refinery inputs, imports, exports and production.Accessed

    This content is provided for educational purposes only and is not investment advice. Trading involves risk, and past performance does not guarantee future results. Affiliate relationships may exist. Always conduct your own independent research before making financial decisions.

    Quick question

    If oil hit this price, what would you pay at the pump?

    US average regular gasoline, EIA cost model. Arithmetic, not a forecast.

    Regular Β· per gallon

    $6.32

    75% of it is crude oil

    Try any price

    AdTrack Brent and the global oil picture

    Live Brent charts, spread symbols against WTI, and alerts on OPEC and inventory days.

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