Brent crude oil futures jumped more than 7% to almost $120 per barrel on Wednesday, the highest level since June 2022 as prospects remain dim for a near-term resolution to the Iran conflict or the reopening of the Strait of Hormuz. President Trump said the US would keep its naval blockade on Iran in place until it agrees to a nuclear deal. The surge comes as markets weigh the shock exit of the OPEC by the United Arab Emirates. Meanwhile, US inventory data showed sharp declines in crude and fuel stockpiles, while exports surged to record highs above 6 million barrels per day, underscoring tightening global supply.
Brent rose to 116.31 USD/Bbl on April 29, 2026, up 4.53% from the previous day. Over the past month, Brent's price has risen 8.30%, and is up 90.48% 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 April 29 of 2026.
Brent rose to 116.31 USD/Bbl on April 29, 2026, up 4.53% from the previous day. Over the past month, Brent's price has risen 8.30%, and is up 90.48% 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 108.06 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 121.06 in 12 months time.
| Price | Day | Month | Year | Date | |||
|---|---|---|---|---|---|---|---|
| Crude Oil | 108.63 | 8.560 | 8.57% | 5.59% | 86.61% | Apr/29 | |
| Brent | 116.31 | 9.040 | 8.13% | 8.30% | 90.48% | Apr/29 | |
| Natural gas | 2.65 | -0.0397 | -1.48% | -8.16% | -20.29% | Apr/29 | |
| Gasoline | 3.76 | 0.1949 | 5.47% | 15.20% | 85.60% | Apr/29 | |
| Heating Oil | 4.19 | 0.2438 | 6.14% | -0.33% | 109.00% | Apr/29 | |
| Coal | 131.25 | -1.00 | -0.76% | -9.01% | 34.96% | Apr/28 | |
| Ethanol | 2.06 | 0.0675 | 3.39% | 1.23% | 16.06% | Apr/29 | |
| Naphtha | 936.14 | 2.68 | 0.29% | 9.72% | 71.25% | Apr/29 | |
| Propane | 0.81 | 0.002 | 0.22% | 1.83% | -5.53% | Apr/28 | |
| Uranium | 87.00 | 0 | 0% | 3.69% | 27.94% | Apr/29 | |
| Methanol | 3,189.00 | -21.00 | -0.65% | -3.25% | 37.99% | Apr/29 | |
| Urals Oil | 108.57 | 1.76 | 1.65% | -6.39% | 86.29% | Apr/28 |
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 | ||
|---|---|---|---|---|---|---|---|---|
| 116.31 | 111.26 | 147.50 | 2.23 | 1970 - 2026 | USD/BBL | Daily |
Brent Crude Oil traded above 120 USD/Bbl Brent Crude Oil rose above 120, according to trading on a contract for difference (CFD). 2026-04-29
Brent Crude Approaches $120 Brent crude oil futures jumped more than 7% to almost $120 per barrel on Wednesday, the highest level since June 2022 as prospects remain dim for a near-term resolution to the Iran conflict or the reopening of the Strait of Hormuz. President Trump said the US would keep its naval blockade on Iran in place until it agrees to a nuclear deal. The surge comes as markets weigh the shock exit of the OPEC by the United Arab Emirates. Meanwhile, US inventory data showed sharp declines in crude and fuel stockpiles, while exports surged to record highs above 6 million barrels per day, underscoring tightening global supply. 2026-04-29
Brent Rises to 4-Year High Brent crude oil futures jumped more than 6% to above $118 per barrel on Wednesday, the highest level since June 2022, amid no signs of a near-term end to the conflict with Iran or the reopening of the Strait of Hormuz. The surge comes as markets weigh the shock exit of the OPEC by the United Arab Emirates alongside signs that the conflict involving Iran may persist. Reports that Donald Trump is preparing to extend a blockade on Iranian ports have heightened fears of prolonged supply disruptions, particularly through the critical Strait of Hormuz. Negotiations remain stalled, with both sides entrenched, raising expectations that the standoff could drag on for weeks. Meanwhile, US inventory data showed sharp declines in crude and fuel stockpiles, while exports surged to record highs above 6 million barrels per day, underscoring tightening global supply. Gasoline and refined fuel prices have also spiked, amplifying inflation concerns worldwide as energy markets remain on edge. 2026-04-29