Brent crude oil fell nearly 4% to around $96.8 per barrel on Friday after reports that Pakistan, with support from China, was seeking to revive negotiations between the US and Iran, raising hopes for a diplomatic path to ease tensions. According to reports, Chinese officials are increasingly concerned that attacks on Gulf states and disruptions in the Strait of Hormuz are hurting their economic interests. Despite the decline, crude oil remained up roughly 10% for the week after a sharp escalation in Middle East hostilities. Overnight, US Central Command carried out its 13th consecutive night of strikes on Iran, targeting military infrastructure and maritime capabilities. The US military said the waterway remains open with American support. Meanwhile, President Donald Trump warned he was considering an unprecedented military response against Iran and vowed severe retaliation if Tehran backed further Houthi attacks on vessels in the Red Sea.

Brent fell to 98.38 USD/Bbl on July 24, 2026, down 2.29% from the previous day. Over the past month, Brent's price has risen 30.30%, and is up 43.75% 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 26 of 2026.

Brent fell to 98.38 USD/Bbl on July 24, 2026, down 2.29% from the previous day. Over the past month, Brent's price has risen 30.30%, and is up 43.75% 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 101.25 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 114.74 in 12 months time.



Price Day Month Year Date
Crude Oil 90.47 -1.720 -1.87% 25.79% 38.84% Jul/24
Brent 98.38 -2.310 -2.29% 30.30% 43.75% Jul/24
Natural gas 2.88 -0.0338 -1.16% -12.53% -8.73% Jul/24
Gasoline 3.42 -0.0781 -2.23% 17.77% 63.44% Jul/24
Heating Oil 4.23 -0.1161 -2.67% 31.67% 75.61% Jul/24
Coal 130.60 -0.15 -0.11% -8.80% 14.81% Jul/24
Ethanol 1.94 0.0150 0.78% 3.48% 9.32% Jul/23
Naphtha 810.35 -23.28 -2.79% 18.22% 47.38% Jul/24
Propane 0.75 -0.02 -2.38% 4.65% 4.72% Jul/24
Uranium 86.05 0.2000 0.23% 0.64% 20.10% Jul/24
Methanol 2,732.00 -2.00 -0.07% 9.24% 9.76% Jul/24
Urals Oil 84.26 3.53 4.37% 43.23% 31.94% Jul/23


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
98.38 100.69 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Slides on US-Iran Peace Talk Hopes
Brent crude oil fell nearly 4% to around $96.8 per barrel on Friday after reports that Pakistan, with support from China, was seeking to revive negotiations between the US and Iran, raising hopes for a diplomatic path to ease tensions. According to reports, Chinese officials are increasingly concerned that attacks on Gulf states and disruptions in the Strait of Hormuz are hurting their economic interests. Despite the decline, crude oil remained up roughly 10% for the week after a sharp escalation in Middle East hostilities. Overnight, US Central Command carried out its 13th consecutive night of strikes on Iran, targeting military infrastructure and maritime capabilities. The US military said the waterway remains open with American support. Meanwhile, President Donald Trump warned he was considering an unprecedented military response against Iran and vowed severe retaliation if Tehran backed further Houthi attacks on vessels in the Red Sea.
2026-07-24
Brent Up for Week Despite Friday Pullback
Brent crude oil slipped below $98 per barrel on Friday but remained up more than 12% for the week, as traders continued to assess mounting geopolitical risks to global energy supplies. The US launched a 13th straight day of strikes on Iran, with both sides ruling out near-term talks. President Trump also threatened "major military punishment" against Iran and the Houthis over any further attacks on Red Sea shipping and said he was considering a "massive attack" on Iran. His remarks followed attacks by Iran-backed Houthi militants on two Saudi oil tankers in the Red Sea, a key alternative export route for Saudi Arabia as fighting continued to disrupt traffic through the Strait of Hormuz. Asian buyers have begun discussing rerouting Saudi crude shipments through the Suez Canal and around Africa. Adding to supply constraints, the Caspian Pipeline Consortium suspended crude loadings at its Black Sea terminal after tanker attacks, disrupting around 80% of Kazakhstan's oil exports.
2026-07-24
Brent Heads for Weekly Surge
Brent crude oil traded near $100 per barrel on Friday and was on track to gain nearly 14% for the week, as escalating Middle East tensions heightened fears of deeper global supply disruptions. The US launched a 13th straight day of strikes on Iran, with both sides ruling out near-term talks. President Trump also threatened "major military punishment" against Iran and the Houthis over any further attacks on Red Sea shipping and said he was considering a "massive attack" on Iran. His remarks followed attacks by Iran-backed Houthi militants on two Saudi oil tankers in the Red Sea, a key alternative export route for Saudi Arabia as fighting continued to disrupt traffic through the Strait of Hormuz. Asian buyers have begun discussing rerouting Saudi crude shipments through the Suez Canal and around Africa. Adding to supply constraints, the Caspian Pipeline Consortium suspended crude loadings at its Black Sea terminal after tanker attacks, disrupting around 80% of Kazakhstan's oil exports.
2026-07-23