Current price of oil as of September 3, 2026

As of September 3, 2026, the current price of oil reached $99.38 per barrel, according to the Brent benchmark. This represents a $3.27 increase from the previous morning and an additional $31.50 compared to the same time last year. In terms of percentage change, oil prices have surged by 3.40% from yesterday and by 12.98% from a month ago, while they have risen dramatically by 46.47% over the past year.

The volatility and unpredictability of oil prices are attributed to a variety of factors, primarily the interplay of supply and demand on the market. During periods of increased worry about recession, conflict, or other major disruptions, oil prices can fluctuate rapidly. The costs associated with purchasing a gallon of gas at the pump are multifaceted, encompassing crude oil costs, refining, wholesaling, government taxes, and the individual markup by gas stations.

Given that crude oil typically makes up more than half of the price per gallon, it tends to have the most significant impact on gas prices. Sharp increases in oil prices typically result in immediate price hikes at the pump, whereas decreases often lead to slower, more gradual declines in gas prices – a phenomenon known as the "rockets and feathers" effect.

The U.S. Strategic Petroleum Reserve is a crucial safety net established to ensure energy security during emergencies such as sanctions, severe storm damage, or war. The reserve can also mitigate the impact of sudden supply shocks on oil prices. While it serves as a temporary solution, it does not address long-term price stability.

Oil and natural gas are two primary fuels sustaining the global economy. Changes in oil prices can indirectly affect natural gas prices. For instance, a rise in oil prices may prompt some industries to substitute natural gas in specific operational areas to manage costs, consequently increasing the demand for natural gas. Historically, the oil market has been closely monitored using two main benchmarks: Brent crude oil and West Texas Intermediate (WTI).

Brent crude oil serves as a global oil benchmark, reflecting the pricing of most traded crude worldwide. It is often considered the preferred gauge for tracking historical oil trends due to its broader representation. The U.S. Energy Information Administration now primarily uses Brent as its reference in its Annual Energy Outlook.

Over the past several decades, the oil market has demonstrated extreme volatility, characterized by sharp price increases following events like the Middle East embargo during the Yom Kippur War and by steep declines during global recessions and oil oversupply, often termed a "glut." Examples include the notable price surge in the early 1970s, the mid-1980s, the significant price jump in 2008 due to increased global demand, and the collapse to below $20 per barrel during the 2020 COVID lockdown.

The historical performance of oil has been heavily influenced by wars, recessions, OPEC decisions, evolving energy policies, and other factors. Fortune provides detailed energy coverage for those interested in staying informed about the latest developments in the sector.