Oil Price Today UK

Brent crude is the global oil price benchmark, produced in the North Sea. It sets the reference price for roughly 70% of internationally traded crude oil and is the standard for UK, European, and African markets.

Oil is priced internationally in US dollars per barrel. The GBP equivalent shown above is calculated using the live GBP/USD exchange rate. UK consumers and businesses typically see oil costs reflected indirectly in fuel prices and energy bills.

ICE Brent futures are traded on the Intercontinental Exchange in London. One barrel equals 42 US gallons (approximately 159 litres).