# Oil hits $104 per barrel on September 18

> Crude oil prices surge 54% year-over-year as global supply and demand dynamics shift markets.
- Title: Oil hits $104 per barrel on September 18 · Fortune | Shortify
- Summary: Crude oil prices surge 54% year-over-year as global supply and demand dynamics shift markets. Oil prices are driven by supply and demand, geopolitical…
- Keywords: oil prices, crude oil, brent crude, energy markets, supply and demand, opec, strategic petroleum reserve, gas prices, energy security, commodity trading, Oil, hits
- Source: Fortune — https://fortune.com/article/price-of-oil-09-18-2026
- Author: Joseph Hostetler
- Read time: 2 min
- Topics: oil prices, crude oil, brent crude, energy markets, supply and demand, opec, strategic petroleum reserve, gas prices, energy security, commodity trading
## Oil at $104.33 per barrel
On September 18, 2026, Brent crude oil traded at $104.33 per barrel, up 35 cents from the previous day and $37 higher than one year ago.
## Year-over-year price surge
Oil prices have climbed 54% in the past year, from $67.68 per barrel to $104.33, reflecting significant market shifts.
## Supply and demand drive prices
Oil prices ultimately depend on supply and demand. Economic recessions, wars, and large-scale disruptions can shift the market rapidly.

> It's impossible to forecast oil prices with detailed precision.
## Gas pump prices lag oil changes
Gas prices include refining costs, transportation, taxes, and station markups. When oil drops, gas prices often lag behind, a pattern called rockets and feathers.
## Strategic Petroleum Reserve buffer
The U.S. maintains a Strategic Petroleum Reserve for energy security during emergencies like wars or severe storms. It provides temporary relief during supply shocks but isn't a long-term solution.
## Oil and natural gas are linked
When oil prices rise, industries may switch to natural gas where possible, increasing demand for it. Both fuels are key energy sources with interconnected markets.
## Brent vs. West Texas benchmarks
Brent crude is the global benchmark, pricing most of the world's traded oil. West Texas Intermediate tracks North American prices. The U.S. Energy Information Administration now uses Brent as its primary reference.
## Oil's volatile history
Oil prices have swung wildly due to wars, embargoes, recessions, and supply gluts. The 1973 Middle East embargo, 2008 financial crisis, and 2020 COVID collapse all caused major price shocks.
## Shale oil boosts U.S. supply
Shale rock contains untapped oil and natural gas reserves. Greater U.S. shale production increases energy supply and helps prevent dramatic price spikes.
## Oil prices ripple through economy
Expensive oil raises costs for heating, utilities, and shipping. Higher logistics costs increase prices for groceries and everyday items across the supply chain.
## Key takeaway

Oil prices are driven by supply and demand, geopolitical events, and economic conditions, with major historical shocks from wars, recessions, and policy changes.