Brent crude oil climbed to a fresh six-week high above $95 per barrel on Thursday, extending gains for a fifth straight session as escalating Middle East tensions heightened fears of deeper supply disruptions. President Donald Trump warned the US would strike Iranian infrastructure if Tehran attacked ships transiting the Strait of Hormuz, while Iran threatened retaliation against US-linked energy assets across the region. Meanwhile, Iran-backed Houthi militants attacked two Saudi oil tankers in the Red Sea with missiles and drones, marking the first direct strikes on tankers in the waterway and raising concerns over a key alternative export route for Saudi crude. The escalation opened a new front in the conflict as risks to shipping through both the Red Sea and Strait of Hormuz mounted. US forces also carried out a 12th consecutive day of strikes on Iranian targets, while both Washington and Tehran continued to downplay the prospects for peace talks.

Brent rose to 96.29 USD/Bbl on July 23, 2026, up 2.36% from the previous day. Over the past month, Brent's price has risen 30.58%, and is up 39.18% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. 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 July 23 of 2026.

Brent rose to 96.29 USD/Bbl on July 23, 2026, up 2.36% from the previous day. Over the past month, Brent's price has risen 30.58%, and is up 39.18% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 90.87 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 102.39 in 12 months time.



Price Day Month Year Date
Crude Oil 88.39 1.559 1.80% 25.66% 33.86% Jul/23
Brent 96.23 2.162 2.30% 30.50% 39.10% Jul/23
Natural gas 2.96 0.0351 1.20% -9.23% -5.94% Jul/23
Gasoline 3.46 0.0497 1.46% 20.22% 64.27% Jul/23
Heating Oil 4.23 0.0830 2.00% 33.23% 75.38% Jul/23
Coal 130.85 -0.05 -0.04% -9.10% 19.06% Jul/22
Ethanol 1.92 0 0% 5.49% 8.78% Jul/22
Naphtha 815.28 31.83 4.06% 18.92% 48.65% Jul/22
Propane 0.76 -0.01 -0.87% 5.04% 5.64% Jul/22
Uranium 85.70 0.1500 0.18% -0.06% 20.03% Jul/21
Methanol 2,692.00 11.00 0.41% 2.24% 13.01% Jul/22
Urals Oil 73.12 4.32 6.28% 13.51% 11.21% Jul/21


Brent crude oil
Brent crude oil is one of the principal benchmark prices for oil traded globally. Originating from the North Sea, Brent serves as a key pricing reference for crude oil produced in Europe, Africa, and the Middle East, particularly for supplies moving westward. Due to its broad use in international trade, Brent is widely regarded as a global benchmark for oil pricing. Brent crude is typically classified as light and sweet, meaning it has relatively low density and sulfur content, making it easier to refine into products such as gasoline and diesel. Brent prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official Brent crude benchmarks. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
96.29 94.07 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Extends Rally on Escalating Middle East Tensions
Brent crude oil climbed to a fresh six-week high above $95 per barrel on Thursday, extending gains for a fifth straight session as escalating Middle East tensions heightened fears of deeper supply disruptions. President Donald Trump warned the US would strike Iranian infrastructure if Tehran attacked ships transiting the Strait of Hormuz, while Iran threatened retaliation against US-linked energy assets across the region. Meanwhile, Iran-backed Houthi militants attacked two Saudi oil tankers in the Red Sea with missiles and drones, marking the first direct strikes on tankers in the waterway and raising concerns over a key alternative export route for Saudi crude. The escalation opened a new front in the conflict as risks to shipping through both the Red Sea and Strait of Hormuz mounted. US forces also carried out a 12th consecutive day of strikes on Iranian targets, while both Washington and Tehran continued to downplay the prospects for peace talks.
2026-07-22
Brent Crude Holds Advance
Brent oil futures rose up to a six-week high of $94.4 on Wednesday before easing to $94 as markets assessed the threat that a blockade of Middle Eastern oil will have on global supply. Strikes between the US and Iran continued to halt oil and fuel exports from the GCC. US Secretary of State Rubio accused Iran of failing to honor previous commitments and emphasized that any future agreement must guarantee freedom of navigation through the Strait of Hormuz and prevent Iran from developing nuclear weapons or supporting militant groups. Also, threats from Yemen’s Houthi rebels against shipping routes in the Red Sea increased fears of further disruptions to international oil trade. On top of that, attacks on the Caspian Pipeline Consortium terminal in the Black Sea added pressure on global energy markets. Still, data from the EIA showed that crude oil stocks unexpectedly rose by 1.4 million barrels last week, contrasting with expectations of a draw.
2026-07-22
Brent Rises for 4th Session
Brent Crude oil surged 4% to above $94 per barrel on Wednesday, the highest since June 8, as escalating tensions between the US and Iran increased concerns about global energy supply disruptions. The rise followed the 11th consecutive night of US strikes targeting Iranian military facilities and efforts to prevent threats to commercial shipping through the Strait of Hormuz. US Secretary of State Marco Rubio said Washington remains open to a diplomatic solution but accused Iran of failing to honor previous commitments. He emphasized that any future agreement must guarantee freedom of navigation through the Strait of Hormuz and prevent Iran from developing nuclear weapons or supporting militant groups. Also, threats from Yemen’s Houthi rebels against shipping routes in the Red Sea increased fears of further disruptions to international oil trade. On top of that, attacks on the Caspian Pipeline Consortium terminal in the Black Sea added pressure on global energy markets.
2026-07-22