Current price of oil as of September 14, 2026

As of 9 a.m. Eastern Time on September 14, 2026, oil was selling for $110.42 per barrel, which marked a 0.72% increase from the previous day and a 23.71% rise compared to one month ago. Over the past year, the price per barrel had climbed by 64.41%. Despite attempts to predict future oil prices, they are largely influenced by supply and demand dynamics, often swayed by factors such as economic downturns, wars, and changes in energy initiatives.

The price of oil per barrel is primarily determined by supply and demand, with geopolitical events and decisions from organizations like OPEC+ playing a significant role. In the United States, the administration's stance on drilling can also impact future supply and, consequently, oil prices. For example, during the Trump administration, there was an initiative to open up more areas for oil and gas leasing, contrasting with the Biden administration's policy of limiting oil drilling in the Arctic.

Shale oil production in the U.S. can affect oil prices by increasing supply, thus potentially preventing price spikes. The current oil price of $110.42 per barrel is a major factor in determining the cost of gasoline at the pump, accounting for more than half of the price per gallon. When oil prices rise, so do gas prices, but they tend to lag behind when prices fall, a phenomenon sometimes referred to as "rockets and feathers."

Historically, oil prices have been anything but steady, influenced by wars, recessions, and shifts in global demand. From the 1970s oil shock due to the Middle East embargo to the price drops in the mid-1980s and the sudden spike in 2008 during the global financial crisis, oil's performance has been marked by volatility. Even during the COVID-19 lockdowns in 2020, demand collapsed, driving prices below $20 per barrel.