FX & Commodity Almanac

ECB fixings to 16 Oct 2026 · World Bank prices to September 2026

Energy · World Bank monthly average

What is the Brent crude oil price and how has it changed?

Brent crude oil averaged 116.8 US dollars per barrel in September 2026, according to the World Bank Pink Sheet. That is 28.5% above Aug 2026 and 71.8% above Sept 2025, and in the top tenth of all monthly averages since January 2000.

Sept 2026 average
116.8$/bbl · US dollars per barrel
Month on month
▲ +28.5%from 90.9 in Aug 2026
Year on year
▲ +71.8%from 68.0 in Sept 2025
12-month range
62.7–120.4low Dec 2025 · high Apr 2026

The last five years

Brent crude oil, monthly average price, last five yearsBrent crude oil from 74.6 $/bbl in Sept 2021 to 116.8 in Sept 2026; five-year high 120.4 (Apr 2026), low 62.7 (Dec 2025). 60708090100110120130 20222023202420252026
Monthly averages, Sept 2021 – Sept 2026, $/bbl. Yellow dot: latest month.

What the record shows

  1. Over five years the price ranged from 62.7 (Dec 2025) to 120.4 (Apr 2026). Sept 2026 sits 94% of the way from that low to the high.
  2. Since January 2000 the record high is 133.9 (Jul 2008) and the low 18.6 (Dec 2001). The latest month is higher than 97% of the 321 monthly averages in that span, in nominal dollars (not adjusted for inflation).
  3. The highest full-year average since 2000 was 2012 (112.0); the lowest was 2001 (24.4).
  4. Annualised volatility of monthly changes over the past five years was 33.9%, close to the 34.1% for the whole record since 2000. Monthly averages smooth out intra-month swings, so daily markets move more than this.
  5. Five years earlier, in Sept 2021, the average was 74.6: the price is 56.6% above that level.

Yearly averages

Brent crude oil yearly average, change, high month and low month
YearAveragevs prior yearHighest monthLowest month
2026 9 mo. 94.0 ▲ +36.1% 120.4 Apr 66.8 Jan
2025 69.1 ▼ −14.4% 79.2 Jan 62.7 Dec
2024 80.7 ▼ −2.3% 90.1 Apr 73.8 Dec
2023 82.6 ▼ −17.2% 94.0 Sep 74.9 Jun
2022 99.8 ▲ +41.7% 120.1 Jun 80.9 Dec
2021 70.5 ▲ +66.6% 83.7 Oct 54.6 Jan
2020 42.3 ▼ −33.9% 63.6 Jan 23.3 Apr
2019 64.0 ▼ −9.9% 71.2 Apr 59.3 Jan
2018 71.1 ▲ +30.6% 80.5 Oct 56.5 Dec
2017 54.4 ▲ +23.5% 64.2 Dec 46.9 Jun
2016 44.0 ▼ −15.9% 54.1 Dec 30.8 Jan
2015 52.4 ▼ −47.1% 64.6 May 37.7 Dec
2014 98.9 ▼ −9.1% 111.9 Jun 62.3 Dec
2013 108.9 ▼ −2.8% 116.5 Feb 102.9 Apr
2012 112.0 ▲ +0.9% 124.9 Mar 95.6 Jun
2011 111.0 ▲ +39.3% 123.1 Apr 96.3 Jan
2010 79.6 ▲ +28.8% 91.8 Dec 74.3 Feb
2009 61.9 ▼ −36.6% 77.0 Nov 43.2 Feb
2008 97.6 ▲ +34.3% 133.9 Jul 41.6 Dec
2007 72.7 ▲ +11.2% 92.5 Nov 54.3 Jan
2006 65.4 ▲ +20.1% 73.9 Jul 58.4 Oct

Average = simple mean of the monthly averages published for that year. Rows in italics are incomplete years. Table shows 2006 onward; the charts and statistics use the full record from Jan 2000.

Since January 2000

Brent crude oil, monthly average price since January 2000Brent crude oil monthly averages from Jan 2000 to Sept 2026; highest 133.9 $/bbl in Jul 2008, lowest 18.6 in Dec 2001. 020406080100120140 200020032006200920122015201820212024
Monthly averages, nominal US dollars ($/bbl).

Largest one-month moves since 2000

MonthFromToMove
Mar 202671.1103.7▲ +45.9%
Mar 202055.033.0▼ −40.0%
May 202023.331.0▲ +33.0%
Apr 202033.023.3▼ −29.4%
Jun 202031.039.9▲ +28.7%

What exactly is being priced?

Crude oil, UK Brent 38° API. The World Bank publishes the series as a monthly average in US dollars per barrel ($/bbl). Benchmark definitions occasionally change, as noted above, so very long comparisons mix slightly different contracts. See commodity price units explained for converting units.

Sources