By Joseph Hostetler | Fortune As of 9 a.m. Eastern Time today, oil sold for $110.42 per barrel (using Brent as the benchmark). That is $0.79 higher than the price at the same time yesterday and roughly $43.30 higher than a year ago. Forecasting oil prices is not possible with certainty. Prices are driven by supply and demand and can shift quickly when the risk of economic downturn, conflict, or other shocks rises. The price you pay at the gas pump includes more than crude oil: it covers refining, wholesale distribution, taxes and local station markups. Crude oil typically makes up more than half of the per-gallon cost, so spikes in oil tend to push gas prices higher. Conversely, when oil falls, retail gas prices often take longer to decline — a phenomenon sometimes called “rockets and feathers.” The U.S. stores crude in the Strategic Petroleum Reserve for emergency energy security — for events such as sanctions, severe storms, or war. Releases from the reserve can help blunt steep price spikes during supply shocks, but the reserve is intended as a short-term relief measure rather than a long-term solution to sustained price pressure. It’s meant to help consumers and keep essential parts of the economy running, including key industries, emergency services and public transportation. Oil and natural gas are major energy fuels, and large moves in oil can affect natural gas markets. For example, rising oil prices can cause some users to substitute away from oil-dependent processes toward natural gas where possible, increasing demand for gas. When tracking oil’s performance, two benchmarks are commonly used: Brent generally better represents global oil markets because it prices much of the world’s traded crude and is often used to track historical performance. The U.S. Energy Information Administration now uses Brent as its primary reference in its Annual Energy Outlook. Over decades, Brent has shown wide swings. Prices have spiked from wars and supply cuts and collapsed during recessions and periods of oversupply. Notable examples include: In short, oil’s history is volatile — influenced by wars, recessions, OPEC decisions, and shifting energy policies. For recent energy reporting, see Fortune’s coverage: The current price depends largely on supply and demand, including expectations about future supply and demand from geopolitics and OPEC+ decisions. In the U.S., policy toward drilling can also move prices by affecting prospective supply. For example, 2025 saw the Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s policy of limiting oil drilling in the Arctic. Oil prices update continuously while futures markets are open. Futures trading is an ongoing auction where participants agree to buy or sell oil at a future date, so prices move whenever those contracts trade. Shale contains oil and natural gas that can be tapped for production. More U.S. shale output increases overall supply and can help limit how far prices rise during supply squeezes. Higher oil prices tend to raise costs across the economy — not just for energy but for goods that rely on transportation and logistics. Shipping costs and other energy-related expenses can push up prices for groceries and other consumer items.Oil price today: Brent at $110.42 a barrel Sept. 14, 2026
Oil price per barrel
% Change
Price of oil yesterday
$109.63
+0.72%
Price of oil 1 month ago
$89.25
+23.71%
Price of oil 1 year ago
$67.16
+64.41%
Will oil prices go up?
How oil prices translate to gas pump prices
The role of the U.S. Strategic Petroleum Reserve
How oil and natural gas prices are linked
Historical performance of oil
Energy coverage from Fortune
Frequently asked questions
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Source: fortune.com











