“UK Oil” is a term used by some brokers and traders to refer to the price of Brent Crude oil, which is a benchmark for oil prices worldwide. The term “UK Oil” specifically refers to the price of Brent Crude as traded on the Intercontinental Exchange (ICE) Futures Europe exchange, which is based in London, UK. The price of Brent Crude is influenced by a variety of factors, including global supply and demand, geopolitical events, and the policies of major oil-producing countries.