Brent Crude Unpacked: From a North Sea Field to a Shifting Global Benchmark
Brent crude’s price is jumping due to geopolitical tensions around Iran and the Strait of Hormuz, but the term Brent now refers to a complex suite of contracts rather than a single North Sea oil grade. Originating from Shell’s Brent field in the North Sea, Brent evolved into the world’s benchmark, and has increasingly incorporated US crude like WTI Midland, which adds volatility and muddies its neutrality. With supply concerns and potential SPR actions weighing on markets, the Brent benchmark remains a fluid concept rather than a fixed grade.