Brexit: what impact for oil?
The UK’s vote has spooked crude, equity and currency markets. More volatility is likely
ON its own, Brexit's direct impact on oil prices might be negligible. Indirectly, the UK's vote to leave is another headwind for the oil market’s fragile recovery. One of the world's biggest economies could contract, the US dollar is strengthening and political risk across the rest of the EU will inevitably rise. Thus, the wider macroeconomic impact of Brexit could stall the oil market’s delicate rebalancing. In a tight race, the UK decided to end its 43-year membership of the EU on 23 June. It was a narrow - and unexpected - victory for the leave camp, with 52% of the 30m voters opting to leave the bloc. The political bloodbath is underway. UK prime minister David Cameron has already resign
Also in this section
21 January 2026
Petroleum Economist takes a look at the critical developments that look set to govern the course of the market for this year
20 January 2026
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
20 January 2026
As the global energy system undergoes its most profound transformation in a century, the need for credible leadership, practical solutions and inclusive dialogue has never been greater. In 2026, the Kingdom of Saudi Arabia will stand at the centre of this conversation as host of the 25th WPC Energy Congress in Riyadh.
20 January 2026
The Kingdom of Saudi Arabia is the host of the 25th WPC Energy Congress on 26-30 April 2026. The Ministry of Energy spoke with Petroleum Economist about the key messages and opportunities for the global energy community.
