Brent crude oil futures hovered around $71.5 per barrel on Tuesday, close to a six-month high, as investors closely monitor a new round of talks between the US and Iran. President Trump said on Monday that he would prefer reaching an agreement with Iran, with talks set to resume on Thursday, but warned of a “very bad day” for Tehran if a nuclear deal fails to materialize. Trump also dismissed reports suggesting that the Pentagon is concerned about the risks of a prolonged military campaign against Iran. Fears over a potential military conflict in the Middle East, along with several supply disruptions, have supported crude prices in recent weeks, offsetting expectations of a sizable surplus this year. Meanwhile, traders are also assessing renewed trade risks, as Trump's new 10% global tariff went into effect today.

Brent fell to 71.23 USD/Bbl on February 24, 2026, down 0.36% from the previous day. Over the past month, Brent's price has risen 8.60%, but it is still 1.75% lower 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 February 24 of 2026.

Brent fell to 71.23 USD/Bbl on February 24, 2026, down 0.36% from the previous day. Over the past month, Brent's price has risen 8.60%, but it is still 1.75% lower 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 72.51 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 79.18 in 12 months time.



Price Day Month Year Date
Crude Oil 66.09 -0.160 -0.24% 9.00% -4.13% Feb/24
Brent 71.23 -0.200 -0.28% 8.60% -1.75% Feb/24
Natural gas 2.92 -0.0634 -2.12% -25.05% -29.26% Feb/24
Gasoline 1.98 -0.0048 -0.24% 8.88% -10.40% Feb/24
Heating Oil 2.72 0.0432 1.61% 5.85% 13.72% Feb/24
Coal 116.50 0.30 0.26% 7.23% 13.94% Feb/23
Ethanol 1.74 -0.0050 -0.29% 4.83% -1.70% Feb/24
Naphtha 561.58 -2.03 -0.36% 6.17% -14.07% Feb/24
Propane 0.64 -0.01 -2.18% -3.05% -30.76% Feb/24
Uranium 88.90 -0.5000 -0.56% -0.39% 37.40% Feb/23
Methanol 2,248.00 89.00 4.12% -2.35% -12.29% Feb/24
Urals Oil 58.60 0.82 1.42% 4.46% -13.52% Feb/23


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
71.23 71.49 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Hovers Near 6-Month High
Brent crude oil futures hovered around $71.5 per barrel on Tuesday, close to a six-month high, as investors closely monitor a new round of talks between the US and Iran. President Trump said on Monday that he would prefer reaching an agreement with Iran, with talks set to resume on Thursday, but warned of a “very bad day” for Tehran if a nuclear deal fails to materialize. Trump also dismissed reports suggesting that the Pentagon is concerned about the risks of a prolonged military campaign against Iran. Fears over a potential military conflict in the Middle East, along with several supply disruptions, have supported crude prices in recent weeks, offsetting expectations of a sizable surplus this year. Meanwhile, traders are also assessing renewed trade risks, as Trump's new 10% global tariff went into effect today.
2026-02-24
Brent Crude Oil Hovers at Near 6-Month High
Brent crude oil futures held around $72 per barrel on Monday, near a six-month high, as investors weighed the likelihood of a US–Iran nuclear deal, with further negotiations expected later this week. Iran’s foreign minister said a diplomatic “win-win” solution is within reach and confirmed plans to meet US envoy Steve Witkoff in Geneva. At the same time, reports indicated that any US military strike on Iran would be limited to select military or government sites, reducing the risk of broad supply disruptions. Traders remained mainly concerned about potential traffic risks through the Strait of Hormuz, a key corridor for regional crude exports. Adding to bearish sentiment, President Donald Trump plans to raise global tariffs to 15% following the Supreme Court’s rejection of “reciprocal tariffs,” fueling renewed risks to the oil demand outlook.
2026-02-23
Brent Falls as Traders Weigh Iran Nuclear Prospects
Brent crude oil futures fell below $71 per barrel on Monday, retreating slightly from a six-month high, as investors weighed the likelihood of a US–Iran nuclear deal, with further negotiations expected later this week. Iran’s foreign minister said a diplomatic “win-win” solution is within reach and confirmed plans to meet US envoy Steve Witkoff in Geneva. At the same time, reports indicated that any US military strike on Iran would be limited to select military or government sites, reducing the risk of broad supply disruptions. Traders remained mainly concerned about potential traffic risks through the Strait of Hormuz, a key corridor for regional crude exports. Adding to bearish sentiment, President Donald Trump plans to raise global tariffs to 15% following the Supreme Court’s rejection of “reciprocal tariffs,” fueling renewed risks to the oil demand outlook.
2026-02-23