Brent crude oil futures climbed toward $84 per barrel on Wednesday, the highest since July 2024 and extending its advance for a fifth session, as the Iran crisis disrupted supply in the key producing region. Hostilities entered a fifth day, with Israeli and US strikes on Iran triggering retaliatory attacks on regional energy infrastructure. Iraq, a major crude producer, cut output by about 1.5 million bpd, roughly half its production, due to storage limits and blocked exports, with the risk of halting nearly 3 million bpd if exports do not resume. Iran also targeted tankers in the Strait of Hormuz, a route for about 20% of global oil and LNG, leaving traffic halted for a fourth day. However, gains were capped as President Donald Trump said the US would insure vessels to maintain energy and trade flow, with naval escorts available if needed. Meanwhile, API data showed US crude inventories rose 5.6 million barrels last week, exceeding expectations for a 2.19 million-barrel build.

Brent rose to 84 USD/Bbl on March 4, 2026, up 3.19% from the previous day. Over the past month, Brent's price has risen 24.35%, and is up 21.21% 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 March 4 of 2026.

Brent rose to 84 USD/Bbl on March 4, 2026, up 3.19% from the previous day. Over the past month, Brent's price has risen 24.35%, and is up 21.21% 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 80.77 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 88.47 in 12 months time.



Price Day Month Year Date
Crude Oil 76.58 2.022 2.71% 21.00% 15.49% Mar/04
Brent 83.82 2.423 2.98% 24.09% 20.96% Mar/04
Natural gas 3.06 0.0092 0.30% -12.70% -31.16% Mar/04
Gasoline 2.53 0.0587 2.37% 32.00% 18.75% Mar/04
Heating Oil 3.40 0.2161 6.78% 42.19% 52.03% Mar/04
Coal 138.00 9.30 7.23% 18.86% 35.96% Mar/03
Ethanol 1.81 0.0200 1.12% 11.21% 7.58% Mar/02
Naphtha 669.88 36.39 5.74% 19.02% 9.99% Mar/03
Propane 0.74 0.03 4.55% 11.36% -14.91% Mar/03
Uranium 86.20 -0.2500 -0.29% -1.54% 33.23% Mar/03
Methanol 2,546.00 108.00 4.43% 15.73% -3.05% Mar/04
Urals Oil 68.83 6.31 10.09% 23.59% 7.50% Mar/03


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
84.00 81.40 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Oil Rises for 5th Session
Brent crude oil futures climbed toward $84 per barrel on Wednesday, the highest since July 2024 and extending its advance for a fifth session, as the Iran crisis disrupted supply in the key producing region. Hostilities entered a fifth day, with Israeli and US strikes on Iran triggering retaliatory attacks on regional energy infrastructure. Iraq, a major crude producer, cut output by about 1.5 million bpd, roughly half its production, due to storage limits and blocked exports, with the risk of halting nearly 3 million bpd if exports do not resume. Iran also targeted tankers in the Strait of Hormuz, a route for about 20% of global oil and LNG, leaving traffic halted for a fourth day. However, gains were capped as President Donald Trump said the US would insure vessels to maintain energy and trade flow, with naval escorts available if needed. Meanwhile, API data showed US crude inventories rose 5.6 million barrels last week, exceeding expectations for a 2.19 million-barrel build.
2026-03-04
Brent Crude Pares Massive Gains
Brent crude eased toward $80 per barrel on Tuesday, paring massive gains as President Trump’s pledge to provide naval escorts for tankers in the Strait of Hormuz calmed immediate supply panic. While prices surged over 8% earlier in the session following drone strikes on Saudi Arabia’s Ras Tanura refinery and fires at the UAE hub in Fujairah, the military commitment to ensure the free flow of energy triggered a sharp reversal from daily peaks. Despite the retreat, oil remains at June highs as shipping activity through the Persian Gulf remains stalled and insurers withdraw war-risk coverage. This logistical paralysis limits the relief from the escort announcement, as roughly one-fifth of global consumption remains at risk. Furthermore, the death of Iran’s Supreme Leader and the subsequent 4-day escalation of strikes on Gulf energy hubs continue to fuel volatility. Markets now focus on the resilience of UAE air defenses against a barrage of Tehran-backed missiles.
2026-03-03
Brent Crude Approaches $84
Oil prices continued to rise on Tuesday, with Brent crude futures trading near $84 a barrel, the highest level since July 2024, extending an over 6% gain from the previous session. The escalating conflict with Iran is disrupting fuel shipments and raising concerns about further supply disruptions across Middle East oil and gas markets. Yesterday, Aramco halted operations at Saudi Arabia’s largest oil refinery in Ras Tanura on the Persian Gulf coast following a drone strike. Today, falling debris from an intercepted drone triggered a major fire at the UAE oil-trading hub of Fujairah, although normal operations have since resumed. Meanwhile, Iran has not officially closed the Strait of Hormuz, and Foreign Minister Abbas Araghchi stated the country has no intention of doing so. Nevertheless, shipping activity through the narrow strait has largely halted, and many insurers are planning to withdraw war-risk coverage for vessels entering the Persian Gulf.
2026-03-03