Brent crude oil price annually 1976-2025| ��ƽ��

Average annual Brent crude oil price from 1976 to 2025 (in U.S. dollars per barrel)

Characteristic	Average crude oil price in U.S. dollars per barrel
2025*	69.14
2024	80.52
2023	82.49
2022	100.93
2021	70.86
2020	41.96
2019	64.3
2018	71.34
2017	54.25
2016	43.67
2015	52.32
2014	98.97
2013	108.56
2012	111.63
2011	111.26
2010	79.47
2009	61.51
2008	96.99
2007	72.52
2006	65.14
2005	54.38
2004	38.1
2003	28.83
2002	25.01
2001	24.45
2000	28.4
1999	17.9
1998	12.8
1997	19.1
1996	20.8
1995	17.2
1994	16
1993	17.1
1992	19.4
1991	20.1
1990	23.8
1989	18.2
1988	15
1987	18.4
1986	14.4
1985	27.5
1984	28.7
1983	29.6
1982	33
1981	35.9
1980	36.8
1979	31.6
1978	14
1977	13.9
1976	12.8

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Release date

February 2026

More information

Region

Worldwide

Survey time period

1976 to 2025

Special properties

* as of August.

Citation formats

As of 2025, the average annual price of Brent crude oil stood at 69.14 U.S. dollars per barrel. This is over ten U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well.

What determines crude oil benchmarks?

In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices.

Light crude oils - Brent and WTI

Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe.

Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.