Brent is a marker (benchmark) crude oil grade, to whose quotes the price of a significant portion of global supplies is tied. A barrel is the standard unit of volume, about 159 liters. When people say "oil has risen," they almost always mean the Brent futures contract, that is, a contract for future delivery traded on an exchange.
The reason for the specific jump is not disclosed in the message - the fact itself is recorded: a three-digit price and a return to May levels. This is important: a five-month high means that the range in which the market lived all summer has been broken.
Oil almost never moves alone. The currencies of exporting countries (CAD, NOK), the energy sector of indices like the S&P 500, and inflation expectations, which central banks watch, depend on it. A three-digit barrel is a theme that, through fuel and logistics, reaches inflation reports.
The nearest reference point for the instrument is simple: whether the price holds above the round level of $110 or the market returns it inside the previous range. For a trader, this is a zone of increased volatility, where strong candles occur in both directions, and gaps at the weekly open in commodities are commonplace.
Have you looked at this oil candle from the sidelines?
Commodities produce the fattest moves, and they are most often traded from the sidelines: with an account of a couple thousand, one Brent contract either doesn't fit by margin or eats up the entire position risk. The move is visible, but you have nothing to take it with. In prop trading the logic is different: you pass a challenge and get the company's account to work with, without comparable personal capital. It's worth understanding the mechanics before the barrel goes another ten dollars.