Current price of oil as of September 22, 2026

As of September 22, 2026, the price of oil is trading at $99.27 per barrel for the Brent benchmark, according to the report. This is $2.34 less than the previous morning's level and approximately $32.60 higher than the price a year ago. The price of oil has seen a significant increase of 4.31% compared to one month ago and a staggering 48.87% compared to a year ago.

The price of oil can go up due to various factors, but the core driving force is still supply and demand. When risks such as potential recession or war increase, oil prices can change direction swiftly. Gas prices at the pump are influenced by more than just the cost of crude oil; they also include refinery costs, wholesaler fees, taxes, and the markup by local gas stations.

Crude oil has the most significant impact on gas prices, often accounting for more than half of the cost per gallon. The U.S. Strategic Petroleum Reserve is a backup supply of crude oil kept for emergencies like sanctions, natural disasters, or even wars. It also helps cushion the blow when supply shocks drive prices up. However, it's not a long-term solution.

Oil prices are closely linked to natural gas, with a price increase in oil often leading to a higher demand for natural gas in some industries. The two primary oil benchmarks are Brent crude oil, which represents global oil performance, and West Texas Intermediate (WTI), which dominates North America. Brent is the go-to for tracking oil's historical trends globally.

Throughout history, oil prices have been anything but stable, with sharp rises during wars and supply cuts, and steep drops during global recessions and oversupply. For instance, the early 1970s saw a major oil shock due to an embargo by the Middle East during the Yom Kippur War, while the mid-1980s experienced a decline due to lower demand and increased non-OPEC production. The 2008 global financial crisis also led to a significant drop in prices.