Brent Crude is the international benchmark for crude oil, priced in US dollars per barrel. Originally named for North Sea production, it now prices approximately two-thirds of global oil trade — including the crude that supplies European refineries and ultimately Croatian fuel pumps.
Brent vs. WTI
Brent is the relevant benchmark for Europe; WTI is the US-domestic benchmark. The two usually trade within a few dollars of each other, but the spread widens when US production booms (WTI cheaper) or when European supply tightens (Brent more expensive). For HR, Brent is the price that matters.
What drives Brent
Supply: OPEC+ production targets (Saudi Arabia, Russia, UAE), enforcement of Russian sanctions, US shale output. Demand: global growth, especially China. Geopolitics: Middle East tensions, Strait of Hormuz risk, Red Sea shipping disruptions. Inventories: weekly stockpile data and OECD inventory levels.
What it means for your finances
Direct: petrol and diesel prices at HR pumps move with Brent (with a lag and tax buffer). Indirect: high Brent = inflation pressure across the EU, raises freight and shipping costs (relevant to HR tourism logistics and exports), and supports energy stocks. Above $100 historically coincides with recession risk; below $60 stresses producers and helps consumers.