Brent crude futures traded above $112 per barrel on Monday after climbing to as high as $115 earlier in the session, as investors assessed President Donald Trump’s ultimatum urging Iran to reopen the Strait of Hormuz. Over the weekend, President Donald Trump warned he would “obliterate” major Iranian power plants if the waterway is not reopened to shipping by late Monday. In response, Tehran said it would target US and Israeli assets across the region, including energy, information technology and desalination infrastructure, if its own energy facilities were struck. Oil prices have surged roughly 50% since the Iran war began, as the conflict shows no signs of easing, effectively shutting Hormuz and sharply curbing Middle Eastern oil production. The IEA has cautioned that the global oil market is facing its largest-ever shock despite a substantial release of emergency reserves and US efforts to facilitate the sale of Russian and Iranian oil.

Brent rose to 112.99 USD/Bbl on March 23, 2026, up 0.71% from the previous day. Over the past month, Brent's price has risen 59.66%, and is up 54.78% 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 March 23 of 2026.

Brent rose to 112.99 USD/Bbl on March 23, 2026, up 0.71% from the previous day. Over the past month, Brent's price has risen 59.66%, and is up 54.78% 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 112.57 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 126.42 in 12 months time.



Price Day Month Year Date
Crude Oil 99.17 0.938 0.95% 51.10% 43.49% Mar/23
Brent 112.92 0.726 0.65% 59.55% 54.68% Mar/23
Natural gas 3.09 -0.0080 -0.26% 9.04% -21.93% Mar/23
Gasoline 3.34 0.0524 1.59% 49.67% 51.36% Mar/23
Heating Oil 4.66 0.0532 1.15% 73.49% 106.37% Mar/23
Coal 146.50 1.30 0.90% 25.75% 51.03% Mar/20
Ethanol 2.00 -0.0050 -0.25% 14.94% 10.96% Mar/20
Naphtha 873.74 12.66 1.47% 55.03% 43.29% Mar/20
Propane 0.79 0.01 1.81% 22.38% -9.20% Mar/20
Uranium 84.40 -0.2500 -0.30% -5.06% 29.75% Mar/20
Methanol 3,102.00 -61.00 -1.93% 37.99% 17.68% Mar/20
Urals Oil 104.84 -5.89 -5.32% 78.91% 63.53% Mar/20


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.
Actual Previous Highest Lowest Dates Unit Frequency
112.99 112.19 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Remains Volatile
Brent crude futures traded above $112 per barrel on Monday after climbing to as high as $115 earlier in the session, as investors assessed President Donald Trump’s ultimatum urging Iran to reopen the Strait of Hormuz. Over the weekend, President Donald Trump warned he would “obliterate” major Iranian power plants if the waterway is not reopened to shipping by late Monday. In response, Tehran said it would target US and Israeli assets across the region, including energy, information technology and desalination infrastructure, if its own energy facilities were struck. Oil prices have surged roughly 50% since the Iran war began, as the conflict shows no signs of easing, effectively shutting Hormuz and sharply curbing Middle Eastern oil production. The IEA has cautioned that the global oil market is facing its largest-ever shock despite a substantial release of emergency reserves and US efforts to facilitate the sale of Russian and Iranian oil.
2026-03-22
Brent Prices Remian Near 4-Year High
Brent oil prices slipped into negative territory after a modestly higher open on Monday, but remained near $108 per barrel, their highest levels in almost four years as investors were monitoring escalating US and Iranian threats against energy infrastructure. Over the weekend, President Trump warned that he would “obliterate” major Iranian power plants if the Strait of Hormuz is not reopened to shipping by late Monday. In response, Iran’s foreign minister threatened retaliatory strikes on vital infrastructure used by Israel, the United States, and Gulf nations, including power stations, telecommunications networks, and water desalination facilities.
2026-03-22
Brent Crude Rises Past $110
Brent crude oil futures climbed past $110 per barrel on Friday, the highest since mid 2022, as investors monitored the latest escalations in the Middle Eastern conflict. Markets are now pricing in actual supply destruction as Iraq declared force majeure on all oilfields and drone strikes hit Kuwaiti refineries. Meanwhile, President Donald Trump rejected a ceasefire in Iran and expressed confidence the Strait of Hormuz would open itself despite the Pentagon deploying thousands of additional Marines amid weighing plans to seize Kharg Island. Geopolitical risk premiums expanded following drone strikes on refineries in Kuwait and reports of heavy preparations for ground troops. Markets are now discounting a diplomatic resolution and instead preparing for a prolonged disruption to global energy flows. Geopolitical risk premiums expanded despite the IEA releasing 400 million barrels from reserves as plunging tanker traffic outweighed emergency inventory measures.
2026-03-20