Brent crude futures rose for the 3rd session to above $87 per barrel on Tuesday for the first time since October 2014 boosted by concerns over potential supply disruptions after Yemen’s Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition. Oil prices surged more than 13% since the start of the year, amid concerns over tightness in the oil market, with investors shrugging off a potential hit to fuel demand from the omicron variant. Moreover, oil prices rallied even after China recently agreed with the US to release crude oil from its strategic stockpiles around the Lunar New Year, in a bid by major consumers to lower energy prices. Analysts said supply tightness is unlikely to ease as some OPEC+ member countries are struggling to pump at their allowed capacities due to underinvestment and outages.

Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on January of 2022.

Brent crude oil is expected to trade at 84.14 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 77.54 in 12 months time.

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Brent crude oil

Price Day Month Year
Crude Oil 84.74 0.4700 0.56% 23.51% 59.95%
Brent 86.85 0.3700 0.43% 21.35% 55.37%
Natural gas 4.27 0.0020 0.05% 13.60% 67.67%
Gasoline 2.43 -0.0054 -0.22% 16.72% 57.73%
Heating Oil 2.67 -0.0012 -0.04% 22.94% 66.79%
Coal 220.50 0.50 0.23% 31.13% 155.21%
Ethanol 2.19 0.0350 1.62% -24.48% 39.49%
Naphtha 763.45 7.22 0.95% 11.15% 52.57%
Propane 1.15 -0.002 -0.17% 10.77% 26.50%
Uranium 46.50 0 0% 5.56% 52.71%
Methanol 2,715.00 142.00 5.52% 0.37% 13.08%

Brent crude oil
Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.