The Brent crude price stands at $102.25 per barrel, up 6.20% over the past month and up 53.53% year-to-date, back above $100 for the first time since May in the history table below. Benchmark relationships have shifted again: the Urals quote has moved to a $3.30 premium to Brent after a $9.58 discount a month ago, Dubai crude‘s premium has widened to $11.46 from $2.44, and WTI’s discount has deepened to $11.14 from $4.80.
Current Brent Crude Price
| Benchmark | Price ($/barrel) | Change (Month) | As of |
|---|---|---|---|
| Brent Crude (ICE front month) | $102.25 | +6.20% | 4 October 2026 |
| WTI Crude (NYMEX) | $91.11 | -0.40% | 4 October 2026 |
| Brent-WTI Spread | +$11.14 | +$6.34 | 4 October 2026 |
Brent crude price data sourced from OilPrice.com. Brent is the international benchmark for crude oil traded in Europe, Africa, and the Middle East. Month-on-month changes compare with the 6 September 2026 update.
Brent Crude Price History
The Brent crude price has continued climbing into October, up a further 6.20% to $102.25 after the 18.03% rise of the previous month from $81.57 in early August, extending the recovery from the summer low.
| Month | Brent Spot ($/barrel) | WTI Spot ($/barrel) |
|---|---|---|
| 4 October 2026 | $102.25 | $91.11 |
| 6 September 2026 | $96.28 | $91.48 |
| 4 August 2026 | $81.57 | $77.61 |
| 1 July 2026 | $70.46 | $70.56 |
| June 2026 | ~$70–$95 (sharp intra-month decline) | ~$70–$93 |
| May 2026 | $107.14 | $102.13 |
| April 2026 | $117.29 | $100.32 |
| March 2026 | $103.13 | $91.38 |
| February 2026 | $70.89 | $64.51 |
| January 2026 | $66.60 | $60.04 |
| Year | Brent Annual Avg ($/barrel) | Notes |
|---|---|---|
| 2026 | ~$91 (Jan–Aug avg, provisional) | Hormuz spike, sharp reversal, then sustained re-escalation through Q3; exceptionally volatile year |
| 2025 | $68.02 | Gradual decline; subdued demand |
| 2024 | $80.09 | Post-conflict stabilisation |
| 2023 | $82.63 | OPEC+ cuts supporting floor |
| 2022 | $100.93 | Russia-Ukraine war supply shock |
| 2021 | $70.68 | Post-COVID demand recovery |
| 2020 | $41.96 | COVID demand collapse |
What Is Driving the Brent Crude Price
The dominant driver of the Brent crude price through 2026 remains the Strait of Hormuz situation, which as of early September was six months into the conflict. The waterway, which normally carries around 20% of global crude flows, remained severely restricted rather than fully closed: US officials claimed daily convoys of 30-40 escorted ships moving up to 18 million barrels of oil, while independent ship-tracking data from Kpler and Lloyd’s List put actual daily transits at roughly 12-13 vessels, a fraction of the pre-war baseline of around 100 ships daily.
Iran maintains it retains control and will only permit pre-approved vessels through designated channels, and had reported tankers disabled by mines on routes it calls illegal; Saudi Arabia separately accused Iran of a tanker attack that killed two crew.
Freight costs affecting Russian crude exports continue adding pressure across the broader crude complex. Ukrainian strikes on Russian Black Sea shipping and domestic refineries kept Novorossiysk export volumes constrained, with September loading schedules trimmed roughly 4% versus August, a dynamic covered in more detail on OGSN’s Urals oil price page.
The Brent-WTI spread has widened to +$11.14 from +$4.80, close to the $11.75 gap recorded in March. The Urals quote has moved to a $3.30 premium to Brent after a $9.58 discount last month, and Dubai’s premium has widened to $11.46, though both are 3-day-delayed physical quotes set against 1-day-delayed Brent futures, so part of the swing may reflect timing. According to the IEA Oil Market Report, global oil demand growth projections for the second half of 2026 remain sensitive to how durable the current elevated pricing proves to be.
Brent Crude Price Storage Economics
This page’s forward curve data cannot be kept current from the same benchmark feed used elsewhere on this page, since it requires futures strip pricing (specific December 2026 and December 2027 contract levels) rather than front-month spot prices. Whether the market is currently in backwardation or contango, and how pronounced that structure is, should be checked directly against ICE’s Brent Crude Futures product page rather than inferred from spot price movement alone.
This matters directly for storage economics: in backwardation, storing Brent crude is financially unattractive, since traders locking in a forward sale receive less than the current spot price. In contango, as seen during the historic 2020 storage surge, future prices exceed spot and traders can profit from storing product. For crude oil storage operators, knowing which structure currently applies is essential and cannot be reliably inferred from spot price movement alone.
Terminal operators should monitor the Brent 3-to-6 month spread on ICE directly. A narrowing of backwardation toward flat, or a flip to contango of $1.50 or more per barrel, would restore carry trade economics and drive renewed tank terminal ullage demand.
The oil storage terminal sector experienced exactly this dynamic in 2020.
Brent Crude Price by Region
The Brent crude price serves as the reference benchmark for crude oils produced in Europe, Africa, and the Middle East. Its North American counterpart is covered on OGSN’s WTI crude price page.
| Benchmark | Price ($/barrel) | Region | Notes |
|---|---|---|---|
| Brent Crude (ICE) | $102.25 | Global / North Sea | International benchmark; light sweet |
| WTI Crude (NYMEX) | $91.11 | North America | US benchmark; Cushing delivery; $11.14 below Brent |
| Urals (Russia) | $105.55 | Russia / FSU | Moved to a $3.30 premium over Brent (3-day delayed quote) — see Urals page for detail |
| Dubai | $113.71 | Middle East | Premium to Brent widened to $11.46 from $2.44 |
| Louisiana Light Sweet | $102.02 | US Gulf Coast | Light sweet; now $0.23 below Brent |
Brent Crude Price in Currency
| Currency | Price per Barrel | Exchange Rate Used |
|---|---|---|
| US Dollar (USD) | $102.25 | Benchmark |
| Euro (EUR) | €90.82 | 0.88821 |
| British Pound (GBP) | £77.21 | 0.75514 |
| Japanese Yen (JPY) | ¥16,141.19 | 157.86 |
| Chinese Yuan (CNY) | ¥685.72 | 6.7063 |
| Indian Rupee (INR) | ₹9,839.72 | 96.232 |
Exchange rates are mid-market rates as at 4 October 2026. Figures rounded to two decimal places.
Brent Crude Price Per Barrel, Litre and Metric Tonne
| Unit | Brent Price | Notes |
|---|---|---|
| Per barrel (bbl) | $102.25 | Standard benchmark unit; 1 barrel = 158.987 litres |
| Per litre | $0.643 | $102.25 ÷ 158.987 |
| Per US gallon | $2.435 | $102.25 ÷ 42 gallons per barrel |
| Per metric tonne | $744.38 | Based on Brent density ~7.28 bbl/tonne |
| Per cubic metre | $643.13 | 1 cubic metre = 6.2898 barrels |
Brent Crude Price Outlook
J.P. Morgan Global Research’s earlier projection of Brent averaging approximately $60 per barrel in 2026, contingent on the Hormuz disruption resolving, looks further out of reach than it did in September. Brent at $102.25 has continued climbing rather than stabilising, as the disruption remained unresolved through the third quarter. Whether the market eventually moves toward JPM’s case depends heavily on the outcome of the Hormuz standoff.
The ICE Brent forward curve should be checked directly for a current read on market structure, given how far spot prices have moved. S&P Global Commodity Insights and Wood Mackenzie have both flagged Chinese demand weakness as a structural headwind that continues to cap Brent’s upside independent of the Hormuz situation.
For tank terminal operators, the Urals quote’s move to a premium over Brent, combined with Dubai’s widening premium and WTI’s deeper discount, warrants close attention as benchmark relationships continue shifting month to month. A fresh ICE forward curve read would clarify whether current pricing reflects a genuine structural shift toward sustained backwardation or a market still finding its level after a fast climb.
What is the current Brent crude price?
The Brent crude price fluctuates daily based on trading on ICE Futures Europe. This page is updated monthly with the latest available ICE benchmark data. For real-time Brent crude prices, refer to ICE Futures Europe directly at theice.com.
What is driving the Brent crude price?
The Brent crude price is driven by OPEC+ production decisions, global demand growth particularly from China and India, geopolitical events affecting major supply routes such as the Strait of Hormuz, and the relative strength of the US dollar. Supply disruptions at key transit chokepoints have historically caused the most rapid short-term Brent crude price movements.
What is the difference between Brent crude and WTI?
Brent crude originates from the North Sea and trades on ICE Futures Europe, serving as the benchmark for approximately two-thirds of global crude oil trade — particularly exports from Europe, Africa, and the Middle East. WTI (West Texas Intermediate) is a US crude benchmark traded on NYMEX with Cushing, Oklahoma as its delivery point. Brent typically trades at a slight premium to WTI due to its waterborne delivery advantage and broader international reference use.
How does the Brent crude price affect tank terminal storage demand?
When the Brent crude price forward curve moves into contango — where future delivery prices exceed spot prices — storing crude becomes financially attractive, driving demand for tank terminal capacity as traders buy spot barrels and sell forward contracts to capture the price spread. In backwardation, the spot price exceeds future prices and the financial incentive to store disappears. Operators monitor the ICE Brent forward curve closely when assessing ullage demand.
What is the Brent crude price in different currencies?
The Brent crude price is quoted in US dollars globally, but refiners and terminal operators across Europe, the Middle East, and Asia convert to local currencies for procurement and hedging. This page includes a currency conversion table covering EUR, GBP, JPY, AED, CNY, and INR, updated monthly from mid-market exchange rates.
What is the Brent crude price per litre and metric tonne?
Brent crude is most commonly quoted per barrel, but also trades in litres, gallons, metric tonnes, and cubic metres depending on region and transaction type. This page includes a unit conversion table covering all major units — all calculated from the current ICE Brent benchmark price.
How current is the price data on this page?
Price data on this page is updated monthly. Figures reflect the most recent available benchmark data from ICE Futures Europe and the EIA. For real-time Brent crude price data, refer directly to ICE at theice.com.