Oil Price in Euro Today
To get the Brent price in euros, divide the dollar price per barrel by the EUR/USD rate. With Brent near $106 and the European Central Bank's reference rate at $1.1188 per euro on 13 October 2026, a barrel cost about €95, or roughly €0.60 per litre of crude. The live quotes and converter below give today's figure.
Brent price in euros: converter
Defaults: Brent near $106 per barrel; EUR/USD 1.1188, the ECB euro reference rate for 13 October 2026. EUR/USD is quoted as dollars per euro, so the converter divides. Enter the live Brent price and rate from the quotes above.
How a strong euro cushions European fuel costs
Oil is traded in dollars worldwide, but European refiners, airlines and drivers pay their bills in euros. When the euro rises against the dollar, each euro buys more oil. A 10% rise in EUR/USD lowers the euro price of a barrel by about 9% even if the dollar price does not change.
The effect works in both directions. In 2022 the euro averaged only $1.053, its weakest annual level since the early 2000s, at the same time as Brent averaged more than $100. The result was the highest annual average Brent price in euros since the euro was launched in 1999, about €96 per barrel. In 2012, when Brent averaged a higher $111.63, the euro was much stronger and the euro price was about €87.
The dollar and oil are also linked to each other: a weaker dollar has often coincided with higher dollar oil prices, which partly cancels out the benefit for euro buyers. The mechanism is explained in what moves oil prices and in our guide to oil and the US dollar.
| Year | Brent (USD/bbl) | Avg EUR/USD | Brent (€/bbl, approx.) |
|---|---|---|---|
| 2012 | $111.63 | 1.2848 | €86.89 |
| 2014 | $98.97 | 1.3285 | €74.50 |
| 2016 | $43.64 | 1.1069 | €39.43 |
| 2020 | $41.96 | 1.1422 | €36.74 |
| 2021 | $70.86 | 1.1827 | €59.91 |
| 2022 | $100.93 | 1.0530 | €95.85 |
| 2023 | $82.49 | 1.0813 | €76.29 |
| 2024 | $80.52 | 1.0824 | €74.39 |
| 2025 | $69.14 | 1.1300 | €61.19 |
Brent: EIA annual average spot price (series RBRTE); dollar figures for every year are on oil price history. EUR/USD: annual average of daily ECB euro reference rates. Euro price = annual Brent average ÷ annual rate average, an approximation of the true daily average.
2026: the oil shock in euro terms
Brent was about $72 per barrel at the end of February 2026. It surged in March after the Iran war disrupted shipping through the Strait of Hormuz, and swung widely through the spring and summer. In mid-October it traded in a range of roughly $103 to $107. The euro was firmer than in 2022: the ECB reference rate averaged about $1.16 from January to mid-October 2026. That is why a $106 barrel cost slightly less in euros in October 2026 than the 2022 average.
Why the pump price moves less than the euro oil price
Taxes make up a large fixed share of fuel prices in the euro area. The EU Energy Taxation Directive sets minimum excise duties of €0.359 per litre for unleaded petrol and €0.33 per litre for diesel, and most member states charge well above that, plus VAT of around 20%. Because excise is charged per litre and does not change with the oil price, a 10% move in the euro price of crude typically moves the pump price by only a few per cent. For a litre-by-litre comparison, see crude oil price per litre, and for the UK equivalent, the oil price in pounds.
Oil price in euro FAQ
How do I convert the oil price from dollars to euros?
Divide the dollar price per barrel by the EUR/USD rate, which is quoted as dollars per euro. At $106 per barrel and an EUR/USD rate of 1.1188, Brent costs about €94.74 per barrel. Divide again by 158.987 for the price per litre, about €0.60.
Is oil priced in euros anywhere?
Almost all international crude oil trade, including Brent and WTI futures, is priced and settled in US dollars. European buyers convert the dollar price at the prevailing exchange rate or hedge the currency risk separately. Euro prices quoted by websites and statistics offices are conversions, not separate market prices.
Does a strong euro make petrol cheaper in Europe?
Yes, but by less than the currency move. A stronger euro lowers the euro cost of crude oil and refined products, which are priced in dollars. Excise duty is a fixed amount per litre, so the percentage fall in pump prices is much smaller than the percentage rise in the euro.
When was oil most expensive in euros?
On an annual basis, 2022 was the most expensive year for Brent in euros since 1999, at about €96 per barrel. Brent averaged just over $100 that year while the euro averaged only $1.053. In 2012 Brent averaged more in dollars, but a stronger euro kept the euro price near €87.
Related pages
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