Oil at $101.61 per barrel today

As of 9:35 a.m. Eastern Time on September 21, 2026, Brent crude oil sold for $101.61 per barrel, down $2.72 from the previous day but up $34.68 over the past year.

Prices up 52% in one year

Oil has climbed from $66.93 per barrel a year ago to $101.61 today, a 51.82% increase that reflects tightening supplies and rising global demand.

Supply and demand drive prices

Oil prices ultimately depend on supply and demand, with geopolitical events, wars, and economic downturns causing rapid shifts in the market trajectory.

“It's impossible to predict the future of oil prices.”

Crude oil drives pump prices

Crude oil typically accounts for more than half the price you pay at the pump, with the rest covering refineries, wholesalers, taxes, and station markups.

Gas prices lag on the way down

When oil prices spike, gas prices follow quickly. But when oil prices drop, gas prices take their time falling, a phenomenon called 'rockets and feathers.'

Strategic reserve provides relief

The U.S. Strategic Petroleum Reserve stores crude oil for emergencies like wars or supply shocks, offering immediate consumer relief and keeping critical industries running.

Natural gas linked to oil prices

When oil prices rise, industries may switch to natural gas where possible, increasing demand and pushing natural gas prices up as well.

Brent crude is global benchmark

Brent crude oil, the main global benchmark, better represents worldwide oil performance than West Texas Intermediate and is now used by the U.S. Energy Information Administration.

Oil's volatile history

Oil has experienced major shocks from the 1973 Middle East embargo, mid-1980s oversupply, 2008 financial crisis, and 2020 COVID collapse when prices fell below $20 per barrel.

Policy and shale reshape supply

U.S. drilling policy affects future oil supply. The Trump administration reopened 1.5 million acres in Alaska's Arctic National Wildlife Refuge for oil and gas leasing, reversing Biden-era restrictions.