Brent crude futures were around $103 a barrel on Friday, after rising to as high as $106 early in the session, as renewed hopes emerged that the US and Iran could reach a diplomatic agreement. US Secretary of State Marco Rubio said there had been “slight progress” in mediated talks with Iran. Tehran is currently reviewing the latest US proposal delivered through Pakistan, although no timeline has been provided for an official response. Despite the renewed optimism, uncertainty persists over whether the conflict can be resolved and whether the Strait of Hormuz can fully reopen, leaving investors highly sensitive to mixed signals from both sides. Even so, Brent futures remain down more than 6% for the week, as markets continue to price in the possibility that the opposing parties may ultimately reach an agreement.

Brent rose to 103.04 USD/Bbl on May 22, 2026, up 0.45% from the previous day. Over the past month, Brent's price has fallen 1.93%, but it is still 59.06% higher than a year ago, 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 May 22 of 2026.

Brent rose to 103.04 USD/Bbl on May 22, 2026, up 0.45% from the previous day. Over the past month, Brent's price has fallen 1.93%, but it is still 59.06% higher than a year ago, 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 111.28 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 126.35 in 12 months time.



Price Day Month Year Date
Crude Oil 96.84 0.494 0.51% 1.04% 57.39% May/22
Brent 103.69 1.108 1.08% -1.31% 60.06% May/22
Natural gas 2.91 -0.1101 -3.65% 5.36% -21.94% May/22
Gasoline 3.45 0.0752 2.23% -0.21% 63.66% May/22
Heating Oil 3.90 0.0667 1.74% -2.25% 84.78% May/22
Coal 132.05 -0.40 -0.30% -0.56% 31.92% May/21
Ethanol 2.02 0 0% 5.21% 11.76% May/21
Naphtha 807.59 -36.01 -4.27% -12.36% 47.81% May/21
Propane 0.84 -0.01 -1.41% 5.43% 12.38% May/21
Uranium 84.70 0.2000 0.24% -2.53% 20.14% May/21
Methanol 3,054.00 -15.00 -0.49% -1.39% 36.89% May/22
Urals Oil 101.30 5.13 5.33% -2.67% 73.40% May/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
103.04 102.58 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Crude Down About 6% On the Week
Brent crude futures were around $103 a barrel on Friday, after rising to as high as $106 early in the session, as renewed hopes emerged that the US and Iran could reach a diplomatic agreement. US Secretary of State Marco Rubio said there had been “slight progress” in mediated talks with Iran. Tehran is currently reviewing the latest US proposal delivered through Pakistan, although no timeline has been provided for an official response. Despite the renewed optimism, uncertainty persists over whether the conflict can be resolved and whether the Strait of Hormuz can fully reopen, leaving investors highly sensitive to mixed signals from both sides. Even so, Brent futures remain down more than 6% for the week, as markets continue to price in the possibility that the opposing parties may ultimately reach an agreement.
2026-05-22
Brent Set for Weekly Decline
Brent crude futures climbed above $105 per barrel on Friday after reports indicated that Iran’s Supreme Leader ordered the country’s enriched uranium reserves to remain inside Iran, complicating ongoing peace negotiations as dismantling Tehran’s nuclear program remains a central US demand. Iran is also reportedly working with Oman on a framework for a permanent toll system that would formalize its control over maritime traffic through the Strait of Hormuz. However, President Donald Trump rejected the proposal, insisting the waterway should remain open, free, and without toll charges. Despite Friday’s gains, Brent futures were still down more than 4% for the week amid optimism that the conflicting parties could eventually reach an agreement. US Secretary of State Marco Rubio said there were “some encouraging signs” surrounding a possible deal with Iran, adding that Pakistani mediators are expected to visit Tehran as Iranian officials review Washington’s latest proposal.
2026-05-21
Brent Crude Prices Turn Negative
Brent crude futures futures fell more than 2% in afternoon trading after climbing as much as 3% earlier in the session, as investors grew increasingly hopeful that the conflict involving Iran could ease. US Secretary of State Marco Rubio said there were “some encouraging signs” of a potential agreement with Iran, according to the Financial Times. Rubio added that Pakistani mediators are expected to travel to Iran while Tehran reviews Washington’s latest proposal. Earlier, Reuters reported that Iran’s Supreme Leader had directed that the country’s near-weapons-grade uranium should not be sent abroad, hardening Tehran’s stance on one of Washington’s key demands in the negotiations. Despite today’s pullback, oil prices remain nearly 50% above pre-war levels, supported by ongoing supply tightness. In the United States, nearly 10 million barrels were withdrawn from the Strategic Petroleum Reserve last week, marking the largest release on record.
2026-05-21