Brent crude oil fell to around $84 per barrel on Tuesday, touching its lowest level in more than a week, as renewed diplomatic efforts over the Strait of Hormuz improved the outlook for Middle East oil supplies. Iran’s Foreign Minister Abbas Araghchi held separate talks with his Saudi and Omani counterparts, focusing on restoring security in the strategic waterway after disruptions caused by the US-Iran conflict. Oman has proposed a joint regional mechanism to manage the strait, allowing Iran to collect voluntary transit fees, a plan that has reportedly gained support from Gulf states. Also, President Donald Trump said Washington was holding “good talks” with Tehran, although he warned military strikes could resume if diplomacy fails, while Iran also threatened retaliation. Despite the diplomatic progress, regional risks remain elevated after Saudi Arabia intercepted drones targeting oil facilities and Yemen’s Houthi rebels claimed an attack on the kingdom’s East-West pipeline.

Brent fell to 84.02 USD/Bbl on July 28, 2026, down 4.91% from the previous day. Over the past month, Brent's price has risen 13.68%, and is up 17.22% 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 28 of 2026.

Brent fell to 84.02 USD/Bbl on July 28, 2026, down 4.91% from the previous day. Over the past month, Brent's price has risen 13.68%, and is up 17.22% 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 79.23 -3.380 -4.09% 11.99% 14.48% Jul/28
Brent 84.09 -4.275 -4.84% 13.77% 17.31% Jul/28
Natural gas 2.66 -0.1063 -3.84% -16.36% -15.32% Jul/28
Gasoline 3.33 0.0047 0.14% 14.85% 50.06% Jul/28
Heating Oil 4.16 0.0435 1.06% 30.38% 69.66% Jul/28
Coal 130.30 -0.30 -0.23% 2.04% 12.81% Jul/27
Ethanol 1.93 -0.0150 -0.77% 2.66% 9.50% Jul/27
Naphtha 754.66 -55.69 -6.87% 23.44% 36.49% Jul/27
Propane 0.70 -0.02 -2.72% -3.72% -2.63% Jul/28
Uranium 86.30 0.2500 0.29% 1.41% 21.04% Jul/27
Methanol 2,564.00 -18.00 -0.70% 2.19% 6.17% Jul/28
Urals Oil 76.94 -6.62 -7.92% 31.68% 17.99% Jul/27


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
84.02 88.36 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Crude Oil is down by 5.14%
Brent Crude Oil decreased 5.14% to 83.818 USD/Bbl
2026-07-28
Brent Falls Further
Brent crude oil fell to around $84 per barrel on Tuesday, touching its lowest level in more than a week, as renewed diplomatic efforts over the Strait of Hormuz improved the outlook for Middle East oil supplies. Iran’s Foreign Minister Abbas Araghchi held separate talks with his Saudi and Omani counterparts, focusing on restoring security in the strategic waterway after disruptions caused by the US-Iran conflict. Oman has proposed a joint regional mechanism to manage the strait, allowing Iran to collect voluntary transit fees, a plan that has reportedly gained support from Gulf states. Also, President Donald Trump said Washington was holding “good talks” with Tehran, although he warned military strikes could resume if diplomacy fails, while Iran also threatened retaliation. Despite the diplomatic progress, regional risks remain elevated after Saudi Arabia intercepted drones targeting oil facilities and Yemen’s Houthi rebels claimed an attack on the kingdom’s East-West pipeline.
2026-07-28
Brent Falls for 3rd Session
Brent fell to around $86.5 per barrel on Tuesday, touching its lowest level in more than a week, as optimism over a potential diplomatic breakthrough between the US and Iran eased concerns about supply disruptions. President Donald Trump said Washington was engaged in “good talks” with Tehran and that there was a “good chance” of reaching a resolution after pausing military strikes to give negotiations more time. He cautioned, however, that US attacks would resume if diplomacy failed, while Iran also warned it would retaliate should talks collapse. Oman has reportedly proposed a joint regional mechanism to manage shipping through the Strait of Hormuz, including a voluntary fee system. Despite the improving diplomatic outlook, geopolitical risks remain elevated. Saudi Arabia said it intercepted drones launched from Iraq targeting petroleum facilities, blaming Iran-backed groups, while Yemen’s Houthi rebels claimed responsibility for an attack on Saudi Arabia’s East-West oil pipeline.
2026-07-28