Brent Crude

Brent Crude Bjoertvedt, CC BY-SA 3.0

Classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide

Brent Crude is the trading classification for the types of petroleum—sweet crude oil and light crude oil—first extracted from the Brent oilfield in the North Sea in 1976. The term Brent Crude also identifies the oil-well Brent Complex in the North Sea, in the north-west area of Europe. In finance, the term Brent Crude colloquially refers to a futures contract for Brent Crude Oil bought and sold in the Intercontinental Exchange (ICE).

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Oil prices hit wartime peak

Oil prices hit wartime peak Oil prices hit a four-year high as tensions escalate over the Strait of Hormuz blockade and potential new U.S. strikes.