Brent crude fell toward $88 per barrel on Tuesday, halting a recent rally as hopes grew that peace negotiations between the US and Iran could resume after several days of escalating attacks. Mediators worked on Monday to encourage both sides to agree to a new ceasefire, while reports pointed to a possible 10-day truce. Still, oil prices have rallied sharply this month as US attacks on Iran continued for a tenth consecutive day, while Tehran carried on with retaliatory strikes against neighboring countries. Tensions intensified after President Donald Trump warned that Tehran would be held responsible for the deaths of three US service members. Iran-backed Houthi militants also announced a maritime embargo against Saudi Arabia, raising concerns over energy shipments through the Red Sea.

Brent fell to 88.29 USD/Bbl on July 21, 2026, down 1.05% from the previous day. Over the past month, Brent's price has risen 13.33%, and is up 28.72% 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 July 21 of 2026.

Brent fell to 88.29 USD/Bbl on July 21, 2026, down 1.05% from the previous day. Over the past month, Brent's price has risen 13.33%, and is up 28.72% 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 90.87 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 102.39 in 12 months time.



Price Day Month Year Date
Crude Oil 81.49 -0.991 -1.20% 10.33% 24.77% Jul/21
Brent 87.97 -1.253 -1.40% 12.92% 28.25% Jul/21
Natural gas 2.87 0.0065 0.23% -11.88% -11.85% Jul/21
Gasoline 3.37 -0.0238 -0.70% 12.66% 59.56% Jul/21
Heating Oil 4.10 -0.0224 -0.54% 32.44% 67.09% Jul/21
Coal 130.40 0.40 0.31% -9.38% 18.71% Jul/20
Ethanol 1.93 0.0125 0.65% 5.33% 8.13% Jul/20
Naphtha 755.13 8.08 1.08% 9.97% 37.27% Jul/20
Propane 0.77 -0.01 -0.65% 6.23% 7.75% Jul/20
Uranium 85.55 -0.1500 -0.18% -0.23% 20.07% Jul/20
Methanol 2,775.00 171.00 6.57% 2.47% 16.55% Jul/20
Urals Oil 68.80 1.45 2.15% 6.80% 5.60% Jul/20


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
88.29 89.22 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Eases on Ceasefire Hopes
Brent crude fell toward $88 per barrel on Tuesday, halting a recent rally as hopes grew that peace negotiations between the US and Iran could resume after several days of escalating attacks. Mediators worked on Monday to encourage both sides to agree to a new ceasefire, while reports pointed to a possible 10-day truce. Still, oil prices have rallied sharply this month as US attacks on Iran continued for a tenth consecutive day, while Tehran carried on with retaliatory strikes against neighboring countries. Tensions intensified after President Donald Trump warned that Tehran would be held responsible for the deaths of three US service members. Iran-backed Houthi militants also announced a maritime embargo against Saudi Arabia, raising concerns over energy shipments through the Red Sea.
2026-07-21
Brent Holds Gains as US-Iran Conflict Continues
Brent eased toward $88 per barrel on Tuesday, but stayed close to five-week highs as US attacks on Iran entered a tenth consecutive day, while Tehran continued retaliatory strikes against neighboring countries. Tensions intensified after President Donald Trump said Iran had been warned that it would be held responsible for the deaths of three US service members. Iran-backed Houthi militants also announced a maritime embargo against Saudi Arabia, raising concerns over energy shipments through the Red Sea. Meanwhile, Iran said mediators had put forward proposals to help ease tensions with the US after several days of fighting, while reports pointed to a possible 10-day ceasefire. Vessel traffic through the Strait of Hormuz declined sharply this week following Iranian attacks on ships over the weekend, tightening the global supply outlook and continuing to support oil prices.
2026-07-20
Brent Back to $89
Brent rose to a five-week high of around $89 per barrel on Monday after a volatile session in which prices swung between gains and losses. The rally gathered pace after US President Trump warned that Iran would be held responsible for the deaths of three US service members, while Yemen's Houthi militants announced a maritime embargo targeting Saudi Arabia, heightening concerns over Red Sea energy shipments. Supply risks also remained elevated following recent attacks on oil tankers and energy facilities in Kuwait. Meanwhile, Iran said mediators had presented proposals aimed at easing tensions with the US after several days of hostilities. The conflict has seen the US carry out airstrikes on Iran for nine consecutive nights, while Iran has retaliated with missile attacks on US allies in the Middle East. Earlier in the session, an Iranian Foreign Ministry spokesman said negotiations with the US could resume, provided they align with Tehran's national interests.
2026-07-20