Brent Crude

Brent Crude takes its name from the Brent oilfield in the North Sea, developed in the 1970s. Today "Brent" actually refers to a blend of crude oils from several North Sea fields — Brent, Forties, Oseberg, Ekofisk, and Troll — collectively known as BFOET. Because this oil is loaded onto tankers at sea, it is described as a waterborne benchmark, making it easy to ship to refineries worldwide.

When market data shows a "Brent" price, it is almost always the front-month futures contract — the agreement to deliver one barrel of oil at the nearest upcoming settlement date. The price is quoted in US dollars per barrel. Traders and analysts typically watch Brent as the global reference because its seaborne nature makes it genuinely international, while the competing US benchmark, WTI, reflects conditions more specific to landlocked American storage hubs. You can follow live Brent prices on the commodities page.

A common confusion is treating Brent and WTI as interchangeable. They usually trade close together, but the spread — the price gap between them — widens when US pipeline infrastructure is strained or when geopolitical events disrupt specific shipping routes. Understanding spot versus futures prices also helps, because what you see quoted is typically a futures price, not the cost of a physical barrel sitting in a tanker right now. For a full picture of how crude oil markets work, see the crude oil guide.