Brent
Published 8 November 2026, 22:51
Brent — the benchmark North Sea crude oil
The grade of oil used as the price benchmark for crude in Europe. When the news says ‘oil has risen to a hundred dollars a barrel’, it almost always means Brent futures. A barrel is 159 litres. The price at the pump follows Brent, but with a lag of one to one and a half weeks and not one-for-one: the price of a litre also includes ISP excise duty, VAT and the retail margin.
Where you come across it. News about fuel, explanations of why the price at the pump has gone up or down.
Brent is traded in dollars but we pay in euros, so the exchange rate also affects the price of a litre: when the dollar strengthens, fuel in Portugal gets more expensive even if the oil price stays the same.