Current price of oil as of September 11, 2026

On September 11, 2026, at 9:15 a.m. Eastern Time, the price of oil stood at $105.82 per barrel, with Brent crude serving as the benchmark. This marked a 62-cent increase from yesterday's morning price and a $39.25 jump compared to a year ago. Oil price per barrel had risen by 0.58% from yesterday and 16.74% from a month ago, but a staggering 58.91% increase from one year prior.

Forecasting oil prices with exact accuracy proved challenging, as numerous factors influence the market, with supply and demand being the primary drivers. During periods of economic recession, war, and other large-scale disruptions, oil prices can fluctuate rapidly.

While crude oil price primarily drives gas pump prices, other elements such as refining, transportation costs, taxes, and local station markups also contribute. As crude oil constitutes the majority of the per-gallon cost, shifts in its price have a substantial impact on gas prices. Consequently, when oil prices surge, gas prices typically rise in sync. However, when oil prices decrease, gas prices often lag, a phenomenon sometimes referred to as "rockets and feathers."

The U.S. Strategic Petroleum Reserve, a reserve of crude oil, exists to ensure energy security in emergencies. Although it doesn't offer a long-term solution, it can provide temporary relief during supply shocks, easing price hikes and maintaining essential sectors of the economy, such as key industries, emergency services, and public transportation.

Oil and natural gas prices are closely connected, as they are both vital energy sources in daily life. A significant shift in oil prices can affect natural gas prices. For instance, increased oil prices might lead some industries to substitute natural gas in certain areas, thus increasing demand for natural gas.

Historically, oil prices have been volatile, experiencing sharp spikes due to events like the Middle East embargo during the Yom Kippur War in the early 1970s. Conversely, oil prices dropped in the mid-1980s due to lower demand and the entry of new non-OPEC oil producers. Another spike occurred in 2008 due to increased global demand, but it plummeted alongside the global financial crisis. In 2020, the COVID-19 lockdown led to a collapse in oil demand, causing prices to fall below $20 per barrel.