Current price of oil as of September 18, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
As of September 18, 2026, the price of oil was $104.33 per barrel, with Brent crude serving as the benchmark. This price represented a 35 cent increase compared to yesterday morning and was $37 higher than one year ago. Over the past month, the oil price per barrel had risen by 12.41%, while a year ago, it had fallen to $67.68, marking a 54.15% increase.
The future trajectory of oil prices is highly uncertain and is influenced by various factors such as economic recession, war, and large-scale disruptions. The primary driver of these fluctuations is the interplay of supply and demand. During times of heightened concerns about economic recession, war, or other large-scale disruptions, oil prices can experience rapid changes.
The price of oil per barrel is determined primarily by the forces of supply and demand, including geopolitical developments such as geopolitical tensions and decisions made by influential bodies like OPEC+. In the United States, oil prices are also influenced by the administration's stance on drilling, which can impact future supply.
The price of oil changes continuously during market hours in the "futures" markets, where buyers and sellers agree on future transactions. The availability of shale oil in the United States can help temper oil prices by increasing the overall supply of energy, thereby reducing the likelihood of significant price spikes.
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