Brent crude slips to $74 a barrel in early June 29 trading

Brent crude traded at $74 a barrel at 8:50 a.m. Eastern on June 29, Fortune reported, a small daily decline in a market that remains higher than a year ago. The benchmark matters for consumers because crude prices feed into gasoline, shipping and other energy-related costs.

Fortune said the June 29 price was 15 cents below the previous morning’s $74.15 level, a 0.20% drop. Compared with one year earlier, when Brent was $67.33, the price was up $6.67, or 9.90%, according to Fortune’s figures.

The latest price also marked a sharp retreat from a month earlier. Fortune listed Brent at $95.86 a barrel one month before June 29, meaning the benchmark was down 22.80% over that period.

Supply, demand and shocks drive oil prices

Fortune said oil prices cannot be forecast with certainty because they are shaped by supply and demand, along with expectations about both. The publication cited economic downturn risks, wars and other disruptions as forces that can quickly shift the direction of prices.

Fortune also said futures markets update oil prices continuously while they are open. In those markets, buyers and sellers trade contracts tied to future delivery, so the quoted price changes as trading continues.

Policy can also affect expectations about supply, Fortune reported. As an example, it cited a 2025 Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing a Biden administration policy limiting Arctic drilling.

Why Brent is the benchmark to watch

Fortune identified Brent crude as the main global oil benchmark and West Texas Intermediate, or WTI, as the main North American benchmark. Fortune said Brent is often used to track global oil performance because it prices a large share of internationally traded crude.

The U.S. Energy Information Administration now uses Brent as its main reference in its Annual Energy Outlook, Fortune reported. That gives the benchmark added weight for analysts comparing current prices with long-term energy projections.

What oil means for gas and inflation

Fortune said crude oil is usually the largest component of the retail gasoline price, often making up more than half the cost of a gallon. Pump prices also include refining, wholesale distribution, taxes and local station markups, according to Fortune.

Gas prices often rise when oil jumps, Fortune reported. When crude falls, retail gasoline prices can take longer to decline, a pattern sometimes described as prices rising like rockets and falling like feathers.

Fortune said expensive oil can also push up broader consumer costs by raising energy bills and transportation expenses. Shipping costs can affect grocery prices because goods must be moved from farms and warehouses to store shelves, the publication reported.

Emergency reserves and related fuels

The U.S. Strategic Petroleum Reserve exists to support energy security during emergencies such as sanctions, severe storm damage or war, Fortune reported. The reserve can help ease supply shocks, though Fortune described it as short-term relief rather than a lasting fix.

Fortune also said oil and natural gas prices can influence each other because both are major fuels. If oil becomes more expensive, some industries may use more natural gas where they can, lifting demand for that fuel, according to Fortune.

This story draws on original reporting from Fortune.