// definition
Brent
Brent Crude
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Short definition
The global benchmark crude, sourced from the North Sea and quoted in London. With WTI, one of the two reference prices of the oil market.
risk atlas
Knowledge map
Intuition
Brent is the marginal world price of crude. It reacts more directly to shipping-route shocks, OPEC+ and Asian demand.
Formula
geopolitical premium ≈ stressed Brent - price consistent with inventories and demandWhy it matters now
The post-Hormuz normalisation and Chinese reserves make Brent useful for separating physical scarcity from risk premium.
Related analyses
- Oil: the Chinese inventory capping pricesReserves, Brent prices and Chinese buying behaviour.
- China crude imports fallPhysical flows, margins and market power.
- Hormuz reopensNormalisation, price scenarios and geopolitical premia.
- The Hormuz crisis in AsiaEnergy bill, LNG and Asian exposure.
- Supply chains and HormuzFreight, delays and energy costs passed into goods.
- When the barrel becomes a margin callHedging, cash, clearing and transmission to bank balance sheets.
Related guides
- Reading the oil marketPrices, curve, inventories, OPEC and physical data.
Related datasets
- risk.jsonPublic snapshot of the risk signals.
- signals/history.jsonPoint-in-time history of the signals.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
Signals using it
- Energy MonitorMethodology of the energy stress signal.
- Risk DiffRecent change in risk and source freshness.
Primary sources
- U.S. Energy Information AdministrationOil, gas, inventories, production and the Short-Term Energy Outlook.
- Commodity Futures Trading CommissionFutures positioning through the Commitments of Traders.
- World Bank Open Data & OECD DataMacro comparables and commodity prices.