Crude oil prices generally declined in 2025 with supplies in the global crude oil market exceeding demand. Crude oil inventory builds in China muted some of the price decline. Events such as Israel’s June 13 strikes on Iran and attacks between Russia and Ukraine targeting oil infrastructure periodically supported prices.
Advertisement
On a monthly average basis, the price of Brent crude oil declined from a high of $79 per barrel (b) in January to a low of $63/b in December, which was the lowest monthly average price since early 2021. The annual average price was $69/b, the lowest since 2020, even when adjusting for inflation.
Join the conversation as a VIP Member