Brent crude rose more than 5% to $82 per barrel on Tuesday, touching its highest level since January 2025, as traders tracked escalating hostilities in the Middle East and mounting risks of a full shutdown of the Strait of Hormuz. Trump said the US would do “whatever it takes” when asked how long the war with Iran could persist. A senior US official also reportedly indicated that the US was preparing a significant escalation in strikes on Iran within the next 24 hours, targeting its missile production, drones and naval assets. Meanwhile, a high-ranking Iranian official warned that ships attempting to transit the strait could be targeted. Tanker flows through the Strait of Hormuz, a vital chokepoint accounting for roughly one-fifth of global oil shipments, have effectively stalled amid heightened security risks. Saudi Aramco also temporarily suspended operations at its Ras Tanura refinery, the kingdom’s largest, while evaluating damage after a drone strike hit the facility.

Brent rose to 81.71 USD/Bbl on March 3, 2026, up 5.10% from the previous day. Over the past month, Brent's price has risen 17.63%, and is up 15.01% 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 3 of 2026.

Brent rose to 81.71 USD/Bbl on March 3, 2026, up 5.10% from the previous day. Over the past month, Brent's price has risen 17.63%, and is up 15.01% 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 80.77 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 88.47 in 12 months time.



Price Day Month Year Date
Crude Oil 74.82 3.595 5.05% 14.87% 9.62% Mar/03
Brent 81.66 3.922 5.05% 17.57% 14.95% Mar/03
Natural gas 3.14 0.1755 5.93% -9.51% -27.92% Mar/03
Gasoline 2.47 0.0914 3.84% 26.68% 13.54% Mar/03
Heating Oil 3.19 0.2904 10.01% 29.18% 40.92% Mar/03
Coal 128.70 10.20 8.61% 12.21% 26.92% Mar/02
Ethanol 1.79 0 0% 9.48% 4.37% Feb/27
Naphtha 633.49 45.22 7.69% 16.39% 2.76% Mar/02
Propane 0.71 0.04 5.26% 9.95% -20.76% Mar/02
Uranium 86.45 -0.1000 -0.12% -5.83% 32.09% Mar/02
Methanol 2,438.00 150.00 6.56% 8.21% -7.48% Mar/03
Urals Oil 62.52 3.58 6.07% 16.12% -6.18% Mar/02


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
81.71 77.74 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Hits 13-month High
Brent increased to 82.08 USD/Bbl, the highest since January 2025. Over the past 4 weeks, Brent Crude Oil gained 17.84%, and in the last 12 months, it increased 15.22%.
2026-03-03
Brent Rises Further on Heightened Mideast Tensions
Brent crude rose more than 5% to $82 per barrel on Tuesday, touching its highest level since January 2025, as traders tracked escalating hostilities in the Middle East and mounting risks of a full shutdown of the Strait of Hormuz. Trump said the US would do “whatever it takes” when asked how long the war with Iran could persist. A senior US official also reportedly indicated that the US was preparing a significant escalation in strikes on Iran within the next 24 hours, targeting its missile production, drones and naval assets. Meanwhile, a high-ranking Iranian official warned that ships attempting to transit the strait could be targeted. Tanker flows through the Strait of Hormuz, a vital chokepoint accounting for roughly one-fifth of global oil shipments, have effectively stalled amid heightened security risks. Saudi Aramco also temporarily suspended operations at its Ras Tanura refinery, the kingdom’s largest, while evaluating damage after a drone strike hit the facility.
2026-03-02
Brent Crude Approaches $79
Brent crude futures surged more than 8% to approach $79 a barrel on Monday, the highest level since January 2025, amid escalating tensions in the Middle East and concerns over potential disruptions in the Strait of Hormuz, a critical chokepoint that handles roughly one-fifth of global oil shipments. Shipping companies have begun rerouting vessels away from the narrow waterway as a precaution. The spike in prices followed a series of strikes by the US and Israel on Iran, which prompted retaliatory attacks by Tehran against regional targets. Saudi Aramco temporarily halted operations at its Ras Tanura refinery, the kingdom’s largest, while assessing damage after a drone attack targeted the facility. Meanwhile, OPEC+ on Sunday agreed to raise output by 206,000 barrels per day in April, ending a three-month pause. However, this increase fell short of the 411,000–548,000 barrels per day that had been under previous consideration, keeping the market on edge amid geopolitical uncertainty.
2026-03-02