# Oil hits $108 per barrel on September 16, 2026

> Crude oil prices have surged 58% in a year, driven by supply concerns and global demand shifts.
- Title: Oil hits $108 per barrel on September 16, 2026 · Fortune
- Summary: Crude oil prices have surged 58% in a year, driven by supply concerns and global demand shifts. Oil prices are shaped by supply and demand, geopolitics, and…
- Keywords: oil prices, brent crude, energy markets, supply and demand, gas prices, inflation, opec, strategic petroleum reserve, natural gas, energy security, Oil, hits
- Source: Fortune — https://fortune.com/article/price-of-oil-09-16-2026
- Author: Joseph Hostetler
- Read time: 2 min
- Topics: oil prices, brent crude, energy markets, supply and demand, gas prices, inflation, opec, strategic petroleum reserve, natural gas, energy security
## Oil at $108.34 per barrel today
Brent crude oil opened at $108.34 per barrel on September 16, 2026, up $1.77 from yesterday and $40 higher than a year ago.
## One year surge of 57.65%
Oil has climbed from $68.72 per barrel last September to $108.34 today, a gain of nearly 58% in twelve months.
## What drives oil prices
Supply and demand are the main drivers of oil prices. Economic slowdowns, conflicts, and other shocks can cause sharp price movements.

> A range of factors influence how oil trades, yet supply and demand remain the main drivers.
## From crude to gas pump
Crude oil typically makes up over half of what you pay at the pump. Refining, distribution, taxes, and station margins add the rest.

> Crude oil is still the largest single driver of the final pump price, typically representing over half of each gallon's cost.
## Rockets and feathers effect
When oil prices spike, gas prices rise quickly. But when oil falls, gas prices decline gradually, a pattern called rockets and feathers.
## Strategic Petroleum Reserve role
The U.S. maintains an emergency oil stockpile to protect energy security during disasters, sanctions, or supply disruptions. It provides short-term relief, not permanent fixes.
## Oil and natural gas connection
When oil prices rise, some industries switch to natural gas where possible, increasing demand for it and potentially raising natural gas prices.
## Brent vs. West Texas crude
Brent crude is the global benchmark, pricing most of the world's traded oil. West Texas Intermediate is the North American standard. Brent better reflects worldwide trends.
## Oil's volatile history
Oil prices have swung wildly due to wars, embargoes, recessions, and supply gluts. The 1973 embargo, 2008 financial crisis, and 2020 COVID collapse all caused major crashes.

> Oil's historical performance has been far from steady. It's massively affected by wars, recessions, OPEC whims, evolving energy initiatives and policies, and much more.
## Oil's impact on inflation
Expensive oil raises everyday costs through energy bills and shipping expenses. Higher logistics costs push up grocery prices and other goods.
## Key takeaway

Oil prices are shaped by supply and demand, geopolitics, and major events like wars and recessions, making them unpredictable but critical to gas prices and inflation.