Oil price today: Brent at $110.42 a barrel Sept. 14, 2026

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.

	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?

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.

How oil prices translate to gas pump prices

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 role of the U.S. Strategic Petroleum Reserve

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.

How oil and natural gas prices are linked

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.

Historical performance of oil

When tracking oil’s performance, two benchmarks are commonly used:

Brent crude oil — the main global oil benchmark.
West Texas Intermediate (WTI) — the primary benchmark for North America.

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:

The early 1970s oil shock when Middle Eastern export cuts and an embargo during the Yom Kippur War hit the U.S. and others.
Mid-1980s price declines driven by weaker demand and more non-OPEC production.
The 2008 spike followed by a sharp fall amid the global financial crisis.
The 2020 COVID lockdown, when demand collapsed and prices fell below $20 per barrel.

In short, oil’s history is volatile — influenced by wars, recessions, OPEC decisions, and shifting energy policies.

Energy coverage from Fortune

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Frequently asked questions

How is the current price of oil per barrel actually determined?

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.

How often does the price of oil change during the day?

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.

How does U.S. shale oil production affect the current price of oil?

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.

How does the current price of oil impact inflation and the broader economy?

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.