Brent crude oil futures extended their rise to $104 per barrel on Monday after US President Trump stated that the current ceasefire between the US and Iran is in a fragile state, risking an escalation to the war that prevents oil from the region from being exported. The US had already rejected Iran's peace counteroffer to consolidate the disagreement between both sides, dimming the likelihood that the conflict could end soon. The near shutdown of traffic through Hormuz has severely disrupted global shipments of crude oil, LNG and fuels, driving energy prices higher and increasing inflation concerns. Saudi Aramco CEO Amin Nasser warned the market is losing around 100 million barrels of supply each week and said prolonged disruptions could delay normalization until next year. Fresh drone attacks near Qatar and interceptions in the UAE and Kuwait underscored ongoing security risks, while Israeli Prime Minister Benjamin Netanyahu said the conflict with Iran is “not over.”.

Brent rose to 104.42 USD/Bbl on May 11, 2026, up 3.09% from the previous day. Over the past month, Brent's price has risen 5.09%, and is up 60.75% 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 May 11 of 2026.

Brent rose to 104.42 USD/Bbl on May 11, 2026, up 3.09% from the previous day. Over the past month, Brent's price has risen 5.09%, and is up 60.75% 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 103.40 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 116.69 in 12 months time.



Price Day Month Year Date
Crude Oil 98.28 2.830 2.97% -0.81% 58.64% May/11
Brent 104.42 3.130 3.09% 5.09% 60.75% May/11
Natural gas 2.93 0.1743 6.32% 11.58% -19.60% May/11
Gasoline 3.60 0.0735 2.08% 15.54% 68.87% May/11
Heating Oil 3.98 0.0870 2.23% 3.91% 88.74% May/11
Coal 131.75 -0.45 -0.34% -2.77% 33.22% May/08
Ethanol 1.93 -0.0350 -1.78% 0.26% 11.72% May/08
Naphtha 839.00 23.22 2.85% -8.64% 52.92% May/08
Propane 0.86 0.02 2.82% 14.36% 19.12% May/08
Uranium 86.15 -0.0500 -0.06% 0.41% 22.63% May/11
Methanol 3,105.00 56.00 1.84% -2.20% 32.81% May/11
Urals Oil 95.57 3.01 3.25% -21.52% 69.78% May/08


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
104.42 101.29 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Crude Extends Increase
Brent crude oil futures extended their rise to $104 per barrel on Monday after US President Trump stated that the current ceasefire between the US and Iran is in a fragile state, risking an escalation to the war that prevents oil from the region from being exported. The US had already rejected Iran's peace counteroffer to consolidate the disagreement between both sides, dimming the likelihood that the conflict could end soon. The near shutdown of traffic through Hormuz has severely disrupted global shipments of crude oil, LNG and fuels, driving energy prices higher and increasing inflation concerns. Saudi Aramco CEO Amin Nasser warned the market is losing around 100 million barrels of supply each week and said prolonged disruptions could delay normalization until next year. Fresh drone attacks near Qatar and interceptions in the UAE and Kuwait underscored ongoing security risks, while Israeli Prime Minister Benjamin Netanyahu said the conflict with Iran is “not over.”
2026-05-11
Brent Rises as Trump Rejects Iran Peace Offer
Brent crude futures climbed to above $103 per barrel on Monday after President Donald Trump rejected Iran’s latest response to a US peace proposal, prolonging disruptions in the Strait of Hormuz. Trump called Tehran’s reply “totally unacceptable,” highlighting the fragility of the ceasefire after ten weeks of conflict. The near shutdown of traffic through Hormuz has severely disrupted global shipments of crude oil, LNG and fuels, driving energy prices higher and increasing inflation concerns. Saudi Aramco CEO Amin Nasser warned the market is losing around 100 million barrels of supply each week and said prolonged disruptions could delay normalization until next year. While some tankers from the UAE, Saudi Arabia and Qatar have resumed limited transit, flows remain far below pre-war levels. Fresh drone attacks near Qatar and interceptions in the UAE and Kuwait underscored ongoing security risks, while Israeli Prime Minister Benjamin Netanyahu said the conflict with Iran is “not over.”
2026-05-11
Brent Climbs as Trump Dismisses Iran Peace Offer
Brent crude futures rose more than 2% to above $103 per barrel on Monday, recouping losses from last week after President Donald Trump rejected Iran’s latest response to his proposal aimed at ending the 10-week conflict, leaving the Strait of Hormuz effectively closed. In a post on Truth Social, Trump called Tehran’s reply “TOTALLY UNACCEPTABLE,” amid reports that Iran had proposed transferring part of its highly enriched uranium stockpile to a third country while refusing to dismantle its nuclear infrastructure. At the same time, drone attacks struck a cargo vessel near Qatar in the Persian Gulf, while the UAE and Kuwait said they had intercepted hostile drones, raising fears that the fragile ceasefire reached in early April could collapse. The extended shutdown of the Strait of Hormuz has severely disrupted global flows of crude oil, natural gas, and refined fuels, triggering what the IEA described as the largest supply shock on record.
2026-05-10