Current price of oil as of September 4, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
On September 4, 2026, at 9 a.m. Eastern Time, oil was priced at $96.90 per barrel, with Brent crude serving as the benchmark. This price represented a decrease of $2.48 from the previous day's opening and was approximately $30 higher than the level one year earlier. Compared to a year ago, the oil price per barrel had risen by 10.98 percent, while the price one month ago was 2.49 percent lower.
The complexity of predicting oil prices lies in the multitude of factors that influence the market. However, the fundamental drivers remain supply and demand. When concerns about economic recession, war, or other large-scale disruptions arise, oil prices can swiftly shift. Oil prices substantially impact gasoline pump prices, as they constitute the bulk of the per-gallon cost. Alongside production, refining, and transportation costs, taxes, and local station markups also contribute to the final price.
The U.S. Strategic Petroleum Reserve, a stockpile of crude oil, serves as a safety net during emergencies to maintain energy security. Although it provides temporary relief from price hikes during supply shocks, it is not a long-term solution.
Oil and natural gas prices are closely linked, as both are essential energy sources. A significant shift in oil prices can impact natural gas prices, with industries potentially substituting natural gas for some oil-related operations to mitigate the increased demand.
Brent crude oil and West Texas Intermediate (WTI) are the two primary benchmarks for oil. Brent, being the global benchmark, better represents international oil performance as it prices the majority of traded crude. The U.S. Energy Information Administration now primarily uses Brent as its reference in its Annual Energy Outlook.
Historical data shows that oil prices have fluctuated drastically over the decades, ranging from the 1970 Middle East embargo and the 1980s lower demand and increased non-OPEC production to the 2008 global financial crisis and 2020 COVID lockdown.
U.S. shale oil production has a notable impact on oil prices, as the extraction of shale oil increases the available energy supply, potentially preventing price spikes. Oil prices directly influence inflation and the broader economy, as higher oil prices translate to increased costs for everyday items, including energy and transportation logistics.
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