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Word of the Week: The price of Brent crude oil is going crazy — but who is ‘Brent’?
Brent crude surged 5.1% to $92.23 per barrel amid fears that Iran’s mine-laying in the Strait of Hormuz could disrupt 20 million barrels of daily global oil supply.
- On March 11, 2026, Brent North Sea crude rose 5.1 percent to $92.23 per barrel during trading, with prices swinging sharply on Monday and Tuesday, traders reported.
- Following the Feb. 28 attacks, regional tensions escalated as markets reacted to reports Iran’s IRGC began laying mines in the Strait of Hormuz, which carries around 20 million barrels daily.
- Market structure experts note Brent now functions as a branded suite of contracts managed by Shell UK, Intercontinental Exchange and S&P Global Energy, and more than 50% of Brent deliveries are WTI Midland.
- Rising crude pushed fuel costs that affect trucking, shipping and households as gas prices across Europe and the UK rose sharply, with the benchmark European gas price increasing by about 5.7 percent.
- The key question now is how long prices remain elevated, as speculation about tapping the Strategic Petroleum Reserve could mix grades and losing about 20% of supply would sharply raise prices.
20 Articles
20 Articles
This week, as the war between the US and Israel against Iran continued to spread across the Middle East, operators and analysts were concerned about “Brent” as if he were an old stray friend: “Brent” reached the highest price ever...
The price of Brent crude oil is going crazy — but who is ‘Brent’?
Brent crude oil prices shot up as the US and Israeli war against Iran disrupted oil supplies in the Middle East. CNN’s Word of the Week asks: How did the benchmark barrel of oil get the name “Brent”?
Oil prices surge as US-Israeli war on Iran greatly disrupts supply
FacebookLikeShareTweetEmail Global oil prices are skyrocketing as the spiralling Israeli-US war on Iran plunges energy markets into turmoil, igniting fears of a devastating global supply shock that could send crude markets into chaos. The international benchmark, Brent North Sea crude, rose by 5.1 percent to reach $92.23 per barrel during trading. Meanwhile, the main US […]
The Iran War Is Making the Case for Renewable Energy, Experts Argue
As Brent crude approaches $100 a barrel, clean energy advocates say the Hormuz crisis is the latest proof that fossil fuel dependence leaves consumers at the mercy of distant wars. By Aman Azhar The war between the United States, Israel and Iran has triggered the largest disruption to global oil supplies in the history of the modern oil market, with Brent crude prices currently hovering around $100 a barrel, sending economic shockwaves across Pe…
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