Brent crude drops below $75 for first time since war on Iran Brent crude, the global oil benchmark, has fallen below $75 a barrel for the first time since before the US-Israeli war on Iran began. The benchmark was trading at $74.80 per barrel at 12:34 GMT on Wednesday, according to Bloomberg. The drop marks the first time Brent has traded below $75 since 27 February, the day before the outbreak of the war, according to Reuters, as markets continue to respond positively to progress in negotiations between Washington and Tehran.