Brent crude is the international benchmark oil price, representing roughly two-thirds of global crude oil trading. Named after the Brent oilfield in the North Sea, it is traded on the Intercontinental Exchange (ICE).

Why It Matters

Brent is the pricing reference for crude oil in Europe, Africa, and the Middle East—most of the world's oil is priced relative to Brent. OPEC member nations typically price their crude at a differential to Brent.

Brent-WTI Spread

The Brent-WTI spread reflects regional supply-demand differences. When Brent trades at a premium, it suggests tighter global supply relative to U.S. supply.

Market Impact

Brent crude movements directly affect European consumer prices, transportation costs, and central bank inflation forecasts. It is the more globally relevant oil benchmark.