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.

Brent fell to 71.24 USD/Bbl on February 23, 2026, down 0.72% from the previous day. Over the past month, Brent's price has risen 8.61%, but it is still 4.73% 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 23 of 2026.

Brent fell to 71.24 USD/Bbl on February 23, 2026, down 0.72% from the previous day. Over the past month, Brent's price has risen 8.61%, but it is still 4.73% 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 66.14 -0.342 -0.51% 9.09% -6.45% Feb/23
Brent 71.30 -0.459 -0.64% 8.71% -4.65% Feb/23
Natural gas 2.99 -0.0606 -1.99% -23.39% -25.00% Feb/23
Gasoline 1.99 -0.0053 -0.27% 9.08% -1.56% Feb/23
Heating Oil 2.64 0.0573 2.22% 2.92% 7.79% Feb/23
Coal 116.20 0.05 0.04% 6.26% 13.92% Feb/20
Ethanol 1.73 0.0225 1.32% 9.18% -5.48% Feb/20
Naphtha 567.73 3.23 0.57% 7.00% -13.27% Feb/20
Propane 0.65 0.01 1.62% -2.67% -28.45% Feb/20
Uranium 89.40 0.1000 0.11% 4.87% 38.18% Feb/20
Urals Oil 57.78 -0.80 -1.37% -0.02% -15.10% Feb/20


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
71.24 71.76 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
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
Brent Crude Oil Heads for Strong Weekly Gain
Brent crude oil futures fluctuated around $71.5 per barrel on Friday, near a six-month high and set for a weekly gain of 5%, after US President Donald Trump said he is considering a limited military strike on Iran and warned Tehran it has 15 days at most to reach a nuclear deal. At the same time, the US is conducting its largest military buildup in the Middle East since 2003, increasing the risk of a broader conflict. Iran produces over 3 million barrels per day, about 3% of global output, mainly for China, and could threaten the Strait of Hormuz, a key energy transit route. Oil prices were also supported by equities rising after the US Supreme Court struck down Trump’s tariffs. Adding to bullish momentum, government data showed US crude inventories fell by 9 million barrels last week, marking the steepest draw since early September.
2026-02-20