Brent Crude Oil Prices

Brent crude oil prices averaged USD 82.92 per barrel in June, down 0.2% from May. On 28 June, the commodity traded at USD 86.43 per barrel, up 5.7% from 31 May.

Prices averaged near May’s three-month high in June. That said, this average hides a significant variation in prices during the month: They initially dipped to nearly USD 77 per barrel before rebounding to a two-month high of just above USD 86 per barrel. The initial decline was due to OPEC+’s unexpected decision on 2 June to begin winding down output curbs from October, while the later rise was due to rising tensions between Israel and Hezbollah, an Iran-backed Lebanese militia.