Gold vs Brent Oil
Gold closed at $4,722.19 on April 25, 2026; Brent crude oil traded near $100 the same week (Brent typically trades a $3-5 premium to WTI; WTI at $95.85 implies Brent approximately $98-102). The gold-Brent ratio is approximately 47 barrels per ounce.
Also known as: Gold (Spot) (XAU, XAUUSD, GC, gold price) · Brent Crude Oil (Brent crude, brent live, brent spot, brent oil price)
Why This Comparison Matters
Gold closed at $4,722.19 on April 25, 2026; Brent crude oil traded near $100 the same week (Brent typically trades a $3-5 premium to WTI; WTI at $95.85 implies Brent approximately $98-102). The gold-Brent ratio is approximately 47 barrels per ounce. Brent is the global oil benchmark used in international pricing for European, Asian, and African crude flows. Gold-Brent provides a more international perspective on the gold-oil relationship versus gold-WTI which reflects more US-specific dynamics. The 47 ratio is at extreme territory historically; long-run average is approximately 13-18 barrels per ounce. The current reading reflects gold dominance through 2024-2026 plus oil constrained by demand concerns despite Iran war supply shock.
Brent vs WTI: Why Both Matter
Brent and WTI represent two major crude oil benchmarks with different geographic and grade characteristics. WTI (West Texas Intermediate) is the US benchmark, light sweet crude, settled in Cushing OK. Brent is North Sea crude, slightly heavier and sourer than WTI, the global benchmark used to price approximately 70 percent of international crude trade.
The Brent-WTI spread typically ranges $3-5 with Brent at premium. This reflects three factors: WTI is landlocked (requires pipeline transport to Gulf Coast), so US production surplus depresses WTI; Brent is waterborne and trades with global premium; Brent index represents larger volume of internationally traded oil.
The pair-trade implication: gold-Brent vs gold-WTI ratios move similarly but with slight differences during US-vs-international demand divergences. Gold-Brent better captures global commodity-vs-safe-haven dynamics; gold-WTI better captures US-specific dynamics. April 2026 setup has both at extreme territory (47-49 range) reflecting gold dominance regardless of oil benchmark.
The April 2026 Configuration
Gold $4,722.19 / Brent ~$100 = ratio 47 barrels per ounce. The Brent peak during Iran war was approximately $108-112 in late February 2026 (Brent typically $3-5 premium to WTI peak of $105+). Iran ceasefire optimism through April compressed Brent from $108 peak to current $100.
The gold-Brent ratio peaked at approximately 51-52 in early February 2026 (gold rallying to $5,602 ATH while Brent at lower starting point). The ratio compressed to approximately 47-49 range as Iran war drove oil higher proportionally. Through April 2026 Iran ceasefire optimism, gold compressed faster than Brent (gold -16 percent from ATH vs Brent -7 percent from peak), pushing ratio back toward 47.
The current 47 ratio is in extreme territory. Comparable historical episodes: 2008-09 GFC peak ratio 27, 2014-2016 commodity bust peak ratio 35-40, 2020 COVID brief ratio 95+. The 2024-2026 reading is the most extended period above 35 in series history.
Why Brent Has Held Above WTI Premium
Brent has maintained $3-5 premium to WTI throughout 2024-2026. Three structural drivers. First, OPEC+ supply discipline: OPEC+ has reduced production by approximately 5 million barrels per day from 2022 peak levels, supporting Brent (which represents OPEC+ international flows) more than WTI (US shale-driven). Second, EU sanctions on Russia: sanctioned Russian crude (mostly Urals grade) has redirected to India and China at discount, leaving European refiners more dependent on Brent and similar grades, supporting Brent premium. Third, US shale production resilience: US production of approximately 13 million barrels per day in 2026 has kept WTI well-supplied, capping WTI relative to Brent.
Conditional Forward Response (Tail Events)
How Brent Crude Oil has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in Gold (Spot). Computed from 1,305 aligned daily observations ending .
Following these triggers, Brent Crude Oil rises 0.26% on average over the next 5 sessions, versus an unconditional baseline of +0.27%. 131 qualifying events; Brent Crude Oil closed positive in 54% of them.
90-Day Statistics
Explore Each Metric
Related Scenarios & Forecasts
Get daily macro analysis comparing key metrics delivered to your inbox. Stay ahead of market-moving divergences.
Frequently Asked Questions
What is the current gold-Brent ratio?+
Gold $4,722.19 / Brent ~$100 = ratio 47 barrels per ounce. Brent typically trades $3-5 premium to WTI (WTI at $95.85 implies Brent ~$98-102). Long-run average ratio 13-18. Current 47 in extreme territory. Brent peaked $108-112 during Iran war late February 2026, retraced to $100 on ceasefire optimism. Gold ATH $5,602.22 January 28 2026 then -16% to $4,722. The ratio compressed slightly during peak Iran war (52 to 47-49 range) as oil benefited more proportionally, then rose to current 47 as Iran ceasefire compressed gold faster than Brent.
Why is Brent the global benchmark?+
Brent is North Sea crude, slightly heavier and sourer than WTI, the global benchmark for ~70% of international crude trade. WTI is US benchmark, landlocked at Cushing OK requiring pipeline transport. Brent waterborne with global premium. Three structural drivers of Brent premium 2024-2026: OPEC+ supply discipline (5 million bpd reduction from 2022 peak supports Brent more than WTI as OPEC+ represents international flows); EU sanctions on Russia redirecting Russian Urals to India/China at discount, leaving European refiners more dependent on Brent; US shale production ~13 mbpd 2026 keeps WTI well-supplied capping WTI relative to Brent.
How is Brent more sensitive to geopolitical risk?+
Brent represents international flows most affected by sanctions, blockades, pipeline disruptions. Major events: 2014 Russia Crimea Brent +8% in 30 days. 2018 Iran sanctions reimposition Brent +15% in 60 days. 2019 Saudi Aramco attack Brent +18% in one day (largest single-day move in 30+ years). 2022 Russia-Ukraine invasion Brent $90 to $130 in 60 days. 2026 Iran war Brent $80 to $108 over 30 days. Gold also responds through safe-haven channel but typically less proportional to direct supply disruptions; gold responds more during broader systemic risk episodes.
Related Comparisons
Explore Across Convex
Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.