Current price of oil as of September 8, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
On September 8, 2026, oil was priced at $99.85 per barrel, based on the Brent benchmark. This represents a 0.79% increase from the previous day's opening price and a 16.83% gain compared to one month prior. Over the past year, the price of oil climbed by 49.96%. However, predicting how oil prices will evolve is a complex task, as various factors like economic downturns, conflicts, and supply changes come into play.
The price of oil you pay at the gas pump goes beyond just the crude oil itself. It also accounts for refining, distribution, and additional taxes, as well as local station markups. Generally, crude oil makes up more than half of the final price per gallon. Consequently, when oil prices surge, so do gas prices; conversely, when oil prices dip, gas prices often take longer to reflect the lower cost.
The Strategic Petroleum Reserve, a U.S. stockpile of crude oil, serves as an emergency safety net for energy security during crises. Though not a long-term solution, it can mitigate the impact of sudden price hikes during supply disruptions, helping to keep essential sectors like industries, emergency services, and public transportation operational.
Oil and natural gas prices are interconnected. When oil prices rise, some industries may replace natural gas with oil in certain operations, leading to increased demand for natural gas. Historically, oil has experienced significant fluctuations, primarily influenced by geopolitical events, economic downturns, and shifts in supply. From the 1970s Middle East oil embargo to the 2008 global financial crisis and the COVID-19 pandemic-induced price plunge, oil's past performance has been anything but predictable.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
