Brent price
Updated
What it is
Brent is the benchmark crude oil price (ICE futures/spot) used to price roughly two-thirds of globally traded oil, including most Middle East and European grades. Its level reflects supply disruptions, OPEC+ decisions, and demand expectations, and it is the reference point for gasoline, diesel, and jet fuel pricing worldwide.
Why it matters lately
Brent opened 2026 near $61/bbl but, after the February 28, 2026 Iran war began disrupting the Strait of Hormuz, spiked to around $109/bbl by early March and finished Q1 near $118/bbl, the largest inflation-adjusted quarterly jump in data going back to 1988. Prices peaked near $125-138/bbl in April before falling back toward $73-74 by late June as a ceasefire briefly held; the EIA's September 2026 outlook expected Brent to average around $91/bbl for the year amid Middle East production shut-ins reaching 6.7 million b/d in August.
Asymmetric Analytics view
Inference (AA): Brent is AA's primary real-time proxy for Hormuz war risk translating into realized energy-cost inflation.