European base oil prices stabilized, to a greater or lesser extent, in 2024, after a few turbulent years starting in 2020 and leveling off again after the Russian invasion of Ukraine in early 2022.

The price of Brent crude saw several large adjustments throughout the past few years. Reasons for these fluctuations include higher than normal demand, abnormally tight supply as a result of OPEC+ production cuts, mounting geopolitical tensions like the Israel-Hamas-Iran war and other factors.