Brent crude oil prices averaged USD 69.85 per barrel in June, up 9.0% from May. On 30 June, the commodity traded at USD 67.65 per barrel, up 5.8% from 30 May.
After declining for four months, average oil prices rose in June at the sharpest pace since March 2022, just after Russia invaded Ukraine. Israel and the U.S. bombed Iranian nuclear facilities, raising the risk of a wider conflict in the Middle East plus the closure by Iran of the Strait of Hormuz. That said, oil prices fell towards end-June after Iran agreed to a ceasefire with Israel, and media reported that OPEC+ was set to accelerate output hikes in August for the fourth month running.
This chart displays Brent Crude Oil (US$/bbl) from 2023 to 2025.
Brent Crude Oil (prices in US$/bbl, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Brent Crude Oil | - | - | 85.88 | 82.97 | 81.87 | 85.02 | 78.87 | 74.03 | 75.12 | 66.91 | - | - |