Actual
79.424
Daily Change
-4.35 -5.19%
Monthly
10.33%
Yearly
17.42%
Q3 Forecast
90.257
Brent crude oil - Summary

Brent crude oil fell to $80 a barrel on Tuesday, reversing earlier gains as hopes for renewed diplomacy between the US and Iran eased concerns over supply disruptions. US Treasury Secretary Scott Bessent said that there is a chance of a deal today or tomorrow to open the strait. Also, Qatar said a proposed de-escalation resolution was being circulated between the parties. Brent is now down roughly 9% this week after President Donald Trump delayed planned military action against Iran to allow more time for diplomacy. Trump warned Tehran it had a last chance to reach an agreement on the Strait of Hormuz or face renewed US strikes. However, prospects remain uncertain as Iran continues to insist on controlling maritime traffic through the strategic waterway. Any failure in negotiations could reignite military tensions, threatening energy supplies and driving oil prices higher once again.

Brent crude oil - Stats

Brent fell to 79.47 USD/Bbl on August 4, 2026, down 5.14% from the previous day. Over the past month, Brent's price has risen 10.38%, and is up 17.48% 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 August 4 of 2026.

Brent crude oil - Forecast

Brent fell to 79.47 USD/Bbl on August 4, 2026, down 5.14% from the previous day. Over the past month, Brent's price has risen 10.38%, and is up 17.48% 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 90.26 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 102.75 in 12 months time.



Price Day Month Year Date
Crude Oil 75.78 -4.561 -5.68% 10.55% 16.30% Aug/04
Brent 79.42 -4.346 -5.19% 10.33% 17.42% Aug/04
Natural gas 2.68 -0.1054 -3.79% -17.55% -11.11% Aug/04
Gasoline 2.86 -0.1095 -3.69% -4.86% 36.76% Aug/04
Heating Oil 3.78 -0.0966 -2.49% 14.62% 68.01% Aug/04
Coal 132.50 -1.50 -1.12% 3.19% 15.27% Aug/03
Ethanol 1.97 0.0200 1.03% 2.60% 12.89% Aug/03
Naphtha 732.55 -45.86 -5.89% 18.79% 30.95% Aug/03
Propane 0.68 -0.01 -1.21% -2.38% -1.24% Aug/03
Uranium 86.60 0 0% 1.29% 21.20% Aug/03
Methanol 2,580.00 14.00 0.55% 8.95% 9.55% Aug/04
Urals Oil 85.21 -1.84 -2.11% 62.34% 30.75% Aug/03


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
79.47 83.77 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Falls on Renewed US-Iran Peace Hopes
Brent crude oil fell to $80 a barrel on Tuesday, reversing earlier gains as hopes for renewed diplomacy between the US and Iran eased concerns over supply disruptions. US Treasury Secretary Scott Bessent said that there is a chance of a deal today or tomorrow to open the strait. Also, Qatar said a proposed de-escalation resolution was being circulated between the parties. Brent is now down roughly 9% this week after President Donald Trump delayed planned military action against Iran to allow more time for diplomacy. Trump warned Tehran it had a last chance to reach an agreement on the Strait of Hormuz or face renewed US strikes. However, prospects remain uncertain as Iran continues to insist on controlling maritime traffic through the strategic waterway. Any failure in negotiations could reignite military tensions, threatening energy supplies and driving oil prices higher once again.
2026-08-04
Brent Rises on US-Iran Uncertainty
Brent climbed toward $85 per barrel on Tuesday, recovering part of the previous session’s sharp losses as uncertainty persisted over efforts to resolve the US-Iran conflict. President Donald Trump said his proposal for talks represents Tehran’s final opportunity to reach a deal and expressed confidence that the Strait of Hormuz will reopen soon. Iran, however, denied that any direct talks with the US are underway, though it said discussions with Oman aimed at increasing shipping through the strait are making progress. Elsewhere, Turkey and Iraq extended a key oil pipeline agreement by another year, strengthening alternative export routes, while Kazakhstan resumed crude flows through the Caspian Pipeline Consortium after a brief disruption. Meanwhile, OPEC+ approved another modest production increase, completing the planned restoration of supply cuts introduced in 2023.
2026-08-04
Brent Holds Decline as US-Iran Talks Eyed
Brent rose toward $85 per barrel on Tuesday, but held most of the decline from the previous session as investors monitored renewed US-Iran negotiations for signs the two sides could reach an agreement on fully reopening the Strait of Hormuz. President Donald Trump said his proposal for talks represents Tehran’s final opportunity to strike a deal and expressed confidence that Hormuz will reopen soon. Iran, however, denied that any direct talks with the US are underway, though it said discussions with Oman aimed at increasing shipping through the strait are progressing. Elsewhere, Turkey and Iraq extended a key oil pipeline agreement by another year, bolstering alternative export routes, while Kazakhstan resumed crude flows through the Caspian Pipeline Consortium following a brief disruption. Meanwhile, OPEC+ approved another modest output increase, completing the planned restoration of production cuts introduced in 2023.
2026-08-03