Brent crude is a major global oil price benchmark, named after an oil field in the North Sea. Along with West Texas Intermediate (WTI), Brent serves as a reference price for oil trading worldwide, with approximately two-thirds of global oil contracts priced relative to Brent. When news reports mention 'oil prices,' they typically refer to Brent or WTI prices per barrel. For Canadian petroleum producers, the price spread between Brent and Canadian crude (like Western Canadian Select) matters significantly—Canadian heavy oil often trades at a discount due to quality differences and transportation costs to reach global markets.