About Brent Crude Oil
Brent is the main international oil benchmark, originally based on North Sea crude. Most of the world's physically traded oil is priced off Brent, so it reacts strongly to Middle East supply news and seaborne trade.
What moves the brent crude oil price
- OPEC+ supply decisions and spare capacity.
- Geopolitical risk around major producers and shipping chokepoints.
- Global demand, especially from China, India and Europe.
- The Brent-WTI spread, which reflects transport costs and regional balances.
What 'Brent' really means today
The original Brent field in the UK North Sea has long since declined. The benchmark is now based on a basket of North Sea grades, and since 2023 US WTI Midland crude delivered into Europe has been included. That keeps the benchmark liquid and representative of the seaborne Atlantic market. Physical cargoes worldwide are priced at a premium or discount to Dated Brent, which is why Brent is the reference for most of the oil traded internationally.
Geopolitics and the Brent-WTI spread
Because Brent reflects waterborne crude, it reacts faster than WTI to disruptions in the Middle East, shipping lanes such as the Strait of Hormuz and the Red Sea, and sanctions on major exporters. A widening Brent premium often signals stress outside the US, while a narrow spread can mean US export capacity is limiting arbitrage. OPEC+ policy announcements and monthly reports from OPEC, the IEA and the EIA are key scheduled events.
Contract specifications
| Benchmark future | ICE Brent Crude (B) |
|---|---|
| Contract size | 1,000 barrels |
| Minimum tick | $0.01 per barrel = $10 per contract |
| Contract months | Every calendar month, many years forward |
| Settlement | Cash-settled against the ICE Brent Index, with an option to deliver via exchange for physical |
| Expiry | Last business day of the second month before the delivery month |
Specifications as published by the exchange; they can change, so confirm on the exchange website before trading.
Trading hours
ICE Brent futures trade electronically on ICE Futures Europe for almost 23 hours a day, from about 01:00 to 23:00 London time.
Contract basics
ICE Brent Crude futures cover 1,000 barrels and are cash-settled against the ICE Brent Index at expiry.
Quote unit
USD per barrel. Hours and specifications can change; always confirm on the exchange's website, especially around holidays.
Brent Crude Oil FAQ
What moves the price of brent crude oil?
OPEC+ supply decisions and spare capacity. Geopolitical risk around major producers and shipping chokepoints. Global demand, especially from China, India and Europe. The Brent-WTI spread, which reflects transport costs and regional balances.
When does brent crude oil trade?
ICE Brent futures trade electronically on ICE Futures Europe for almost 23 hours a day, from about 01:00 to 23:00 London time.
What is the standard brent crude oil contract?
ICE Brent Crude futures cover 1,000 barrels and are cash-settled against the ICE Brent Index at expiry.
Why is Brent usually more expensive than WTI?
Brent is a seaborne crude delivered close to major refining markets, while WTI is priced inland at Cushing, Oklahoma, and must be transported to the coast for export.
Is Brent physically delivered?
ICE Brent futures are cash-settled against an index, though traders can exchange futures for physical cargoes.