Summary Statistics
All-Time High
$143.95
3 July 2008
All-Time Low
$9.10
10 Dec 1998
35-Year Average
$48.42
Daily closing price
Median Price
$38.57
50th percentile
Std Deviation
$32.86
High structural volatility
Price Range
$134.85
Max minus min
Price History
Brent Crude Daily Closing Price — 1987 to 2022
USD per barrel · Annotated with major market events
Annual Performance
Annual Average Price
USD / bbl, each year's mean closing price
Year-on-Year Change (%)
Percentage change in annual average vs prior year
Decade-by-Decade
The Long Structural Shift
Brent oil spent the 1980s and 1990s averaging below $20/bbl, shaped by excess OPEC supply and weak demand growth. The 2000s marked a historic structural break — China's industrialisation, tight supply, and a weak dollar pushed average prices to $49/bbl. The 2010s saw average prices nearly double again to $79/bbl before U.S. shale permanently capped the upside.
The 2020s opened with COVID-19 causing the only sub-$10 print since 1998, followed by the fastest recovery on record as Russia's invasion of Ukraine drove prices above $130 in March 2022.
Annualised Volatility by Year
% standard deviation × √252
Market-Moving Events
A History Written in Shocks
1990
Gulf War — Price Spike to $41.45
Iraq's invasion of Kuwait sent Brent to a multi-year high. Prices collapsed within months as the swift coalition victory restored confidence. Annual volatility reached 55%.
1998
Asian Financial Crisis — All-Time Low of $9.10
Demand destruction across Asia, combined with OPEC's decision to raise output at precisely the wrong moment, drove prices to their nadir. Annual average collapsed 33% year-on-year to $12.76.
2004–2008
The Great Bull Run — From $38 to $144
China's commodity supercycle, tight OPEC spare capacity, and speculative capital inflows fuelled an unprecedented 4-year surge. The 2008 peak of $143.95 on 3 July remains the all-time high.
2008–2009
Global Financial Crisis — 76% Crash in 6 Months
From the July 2008 high of $143.95, prices plummeted to $33.73 by December as global demand evaporated. 2009 annualised volatility was 52%. The YoY decline in annual average was 36%.
2011–2013
Arab Spring Plateau — Three Years Above $100
Supply disruptions across Libya, geopolitical risk premium, and quantitative easing kept Brent above $96 for three consecutive years. The 2012 annual average of $111.57 is the highest on record.
2014–2016
U.S. Shale Revolution — 47% Annual Decline
Record U.S. shale output broke OPEC's pricing power. From $115 in mid-2014, prices fell to $26 by January 2016. Annual average dropped from $99 to $44 — a two-year loss of more than half.
2020
COVID-19 Demand Shock — $9.12 on 21 April
Global lockdowns collapsed demand by ~30mb/d. Combined with the OPEC+ price war, Brent briefly touched $9.12 — matching its 1998 low. Annual volatility for 2020 reached a staggering 110%, the highest in the dataset.
2021–2022
Post-COVID Surge & Ukraine War — Back Above $100
Demand recovery and OPEC+ discipline drove a 68% annual average gain in 2021. Russia's invasion of Ukraine in February 2022 pushed Brent to $133, producing a 46% annual YoY gain and an average of $103/bbl for 2022.
Annual Data Table
| Year | Avg ($/bbl) | Min | Max | Std Dev | YoY Chg | Ann. Vol |
|---|